Swiss private bank Mirabaud was favored by market conditions in the first half. Profits rose and net new money flowed in.
The Geneva-based firm's profit for the first six months rose 29 percent to 22.3 million Swiss francs, Mirabaud said on Wednesday.
«These results show good returns on our investments and reflect the relevance of our strategy of controlled international development,» senior managing partner Yves Mirabaud said in a statement.
The private bank attributed the rise to favorable market performance as well as cost-cutting efforts. Mirabaud took in considerably more revenue in transaction fees and commissions on the year.
Healthy New Funds
The family-controlled private bank hoovered up 1.3 billion francs in net new client money. This tips Mirabaud's total assets under management to 31.2 billion francs, of which 8.1 billion are asset management funds.
In March, the bank said it would keep up «carefully selected investments» this year in order to expand asset management, private banking, brokerage and corporate finance. Its financial solidity allows it: the bank's last reported Tier 1 core capital ratio was 20 percent, well over the level required regulators.
