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Geneva banks see 29% rise in first half profits

Swiss_flagTwo of Switzerland’s oldest private banks, Mirabaud and Pictet, have both posted a 29% rise in profit for the first half of this year, compared with the first half of 2016.

First half consolidated net profits at Mirabaud rose to 22.3 million Swiss francs (€19.5 million), up from 17.3 million francs in the same period of 2016.

Assets under management rose 4.5% in the first half of 2017 to 31.2 billion Swiss francs.

“These results show good returns on our investments and reflect the relevance of our strategy of controlled international development”, said senior managing partner Yves Mirabaud.

Pictet, Switzerland’s fourth largest private bank, posted first-half consolidated net profits of 247 million Swiss francs, up 29% year-on-year.

Assets under management or custody rose to 470 billion francs by 30 June 2017, compared with 462 billion at the end of 2016 on the back of net inflows for both wealth and asset management.

Nicolas Pictet, senior managing partner, said that all the firm’s business lines  had seen “encouraging” growth in revenues and profits during the first half of 2017.

“Our improved results reflect new client acquisitions as well as strong markets,” he said.

Yesterday the Geneva-based private bank Lombard Odier posted a 13% year-on-year rise in first half net profits.

 ©2017 funds europe