Half-year financial results 2016
At CHF 17.3 million, the Group’s net income has dropped slightly compared with the first half of 2015, mainly due to a fall in volumes and transactions across all markets. The first half of 2015 had been an exceptional period, accounting for close to two-thirds of the Group’s annual profits.
As at 30 June 2016, total assets under management were CHF 31.6 billion (including CHF 3.3 billion of double-counted assets), of which CHF 8.0 billion were managed by Asset Management and CHF 23.6 billion by Wealth Management, versus at total of CHF 31.4 billion as at 30 June 2015.
At the end of the first half of 2016, revenue amounted to CHF 139.5 million (CHF 154.9 million in the first half of 2015), including an interest margin of CHF 11.6 million (CHF 7.7 million in the first half of 2015), fees of CHF 105.9 million (CHF 120.5 million in the first half of 2015) and income of CHF 18.4 million from trading activities (CHF 21.9 million in the first half of 2015). Excluding operating expenses, the Group’s gross profit was CHF 21.5 million (CHF 25.2 million in the first half of 2015). Consolidated net income amounted to CHF 17.3 million (CHF 19.6 million in the first half of 2015).
The Group has a consolidated balance sheet total of CHF 4,216.9 million (CHF 4,179.6 as at 30 December 2015). Liabilities primarily consisted of customer deposits, while two-thirds of the Group’s assets were deposited with the Swiss National Bank or invested in high-grade short-term government bonds, which guarantee liquidity and security. With Tier 1 capital of CHF 185.0 million, the Group had a Tier 1 capital ratio of 20.9 %, comfortably exceeding the minimum requirements.
“Compared with the prior-year period, assets under management have remained stable,” explains Yves Mirabaud, Senior Managing Partner of Mirabaud SCA. “Despite an environment of highly volatile markets and negative interest rates that are particularly punishing for institutions such as ours, we have been able to maintain the financial strength, profitability, cost control and outlook that will allow us to continue to develop our services in such a way as to benefit our Swiss, European and international clients and to offer them innovative, high-quality products.”