Private bank Mirabaud suffers profit slump in first half-year
Published: Tuesday, Jul 30th 2024, 18:10
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Geneva-based private bank Mirabaud generated lower earnings in the first half of 2024. Net profit slumped due to restructuring costs. In contrast, assets under management increased by a good 7 percent.
Mirabaud's net profit fell by almost half to CHF 10.1 million, according to a press release issued on Tuesday. This compares to 19.2 million in the previous year. Among other things, the bank attributes this to high investment expenditure and extraordinary costs of 5 million francs in connection with the discontinuation of the brokerage business.
Income was also down at CHF 147.6 million compared to CHF 162.9 million a year ago. Commission income remained stable at 103.0 million (previous year: 102.0 million). However, net trading income fell slightly to 11.7 million (12.9 million), while net interest income was significantly lower at 26.6 million (38.2 million). On the other hand, operating expenses rose from CHF 123.8 million to CHF 125.9 million.
Meanwhile, assets under management rose to CHF 32.4 billion at the end of June as a result of the positive market trend, up from CHF 30.2 billion at the end of 2023. 6.8 billion of this was attributable to asset management.
The Group's consolidated balance sheet total at mid-year was the same as at the end of 2023, namely CHF 2.2 billion. The Group has a CET 1 ratio of 21.8% and a liquidity ratio of 207%.
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