Mirabaud Group posted a net profit of 20,5 million francs for the past year, down from 31,3 million francs in the previous year. These preliminary figures were presented by the private bank on Friday.

A positive development was seen in assets under management, which rose by 7 percent to 32,3 billion francs (2023: 30,2 billion francs).

The group benefited from strong momentum in Europe, with positive net inflows from private clients as well as solid performance in wealth management.

Pressure on Interest Income

Total revenues amounted to 282,2 million francs, compared to 309,9 million francs in the previous year. Commission and fee income reached 199,3 million (2023: 194,2 million francs), while the trading business generated revenues of 23,2 million francs (2023: 27,1 million francs).

The group faced headwinds in interest income due to falling interest rates. Net interest income dropped to 47,4 million francs, compared to 71,9 million francs in 2023.

On Track with Technological Transformation

This decline in profit is also attributed to one-off costs related to the closure of the group’s brokerage business last September.

Operating expenses remained stable at 248,0 million francs, compared to 248,3 million francs in the previous year. According to the statement, this was due to investments in a multi-year plan to transform the technological infrastructure of the wealth management business. The new platform is set to launch simultaneously across four continents in 2025.

«Mirabaud continues to demonstrate its financial stability, which enables us to successfully complete the current phase of investment in our capabilities and to enter the next development phase with renewed and strengthened governance – reinforcing our core mission of delivering excellent service to our clients,»
said Lionel Aeschlimann, Senior Managing Partner at Mirabaud Group.

The annual report will be published at the end of April.