H1 2021 RESULTS: ROBUSTNESS AND GROWTH WITH ASSETS UNDER MANAGEMENT AND OPERATING INCOME ON THE INCREASE
As at 30 June 2021, assets under management were at CHF 39.1 billion, of which CHF 9.3 billion were attributable to Asset Management. The Group’s assets were CHF 34.9 billion six months earlier.
At the end of the first half of 2021, revenues reached CHF 152.8 million (CHF 155.3 million for the same period in 2020) and notably included commissions of CHF 126.6 million (CHF 122.0 million as at 30 June 2020), a trading result of CHF 13.9 million (CHF 23.5 million as at 30 June 2020) and a stable interest margin of CHF 8.6 million. Operating expenses are down; excluding depreciation and taxes, they stand at CHF 123.8 million (CHF 125.5 million as at 30 June 2020). Operating income is at CHF 25.0 million (CHF 24.4 million as at 30 June 2020). Consolidated net profit came in at CHF 20.9 million compared to CHF 20.4 million for the same period in 2020.
The consolidated balance sheet totals CHF 4,812 million and it consists mainly of customer deposits on the liabilities side. The majority of the assets are deposited with the Swiss National Bank or invested in top-rated short-term government bonds, which ensures liquidity, solidity and security. The Group has a Tier 1 ratio of 20.8%, well above the required minimum level and slightly up on 2020 (20.4%).
“During the first half of the year we have seen our assets grow at a very satisfactory rate, thanks in particular to net inflows of funds and good performance. Our strategy of active management and strong conviction, which we have followed for many years, is bearing fruit. Our ESG investment solutions have also been a key driver of growth. The principles of responsibility and sustainability are at the heart of the Mirabaud Group’s DNA. Fiscal 2021 is also an important year for the Group, which is beginning to make significant investments in the digital infrastructure of our private bank. These investments will be made over several years and will enable us to continue to serve all our clients with the best possible tools,” commented Senior Managing Partner Yves Mirabaud.