Mirabaud did well well last year, despite a challenging market for private banks. The owners of the Geneva-based institution are determined to develop their business further.

The financial market of Geneva has seen better days. Mirabaud Group however has weathered the storm quite well: net income rose 17 percent to 31.6 million Swiss francs last year, the company said in a statement today.

Assets under management, a key figure for the measurement of success at a private bank, also posted a slight increase to 33.1 billion francs from 32.8 billion a year ago. Asset management has 8.1 billion under management and private banking the remaining 25 billion. Mirabaud doesn’t report net new money.

Cost Fall, Profit Rises

Revenue at the company remained flat at 289 million francs, which includes net interest income of 24.1 million, fee and commission income of 227.7 million and net income from trading activities measuring up to 30.3 million francs.

Operating expenses before depreciation, amortization and tax were down to 244.4 million from 250.5 million in 2015.

Expansion Bears Fruit

«In a competitive environment dominated by new regulatory requirements, our results reflect the good performance of our business,» said Yves Mirabaud, senior managing partner, in the statement. «Our international expansion strategy continues to bear fruit, as we are pursuing growth in all the markets in which Mirabaud operates.»

Mirabaud Group has a Tier 1 core capital ratio of 20 percent, well above the level required by Basel III.

Hong Kong

The company expanded its business in wealth management, asset management, brokerage and corporate finance across its markets last year. Mirabaud promised to continue with «carefully selected investments in 2017», in keeping with its long-term strategy.

Mirabaud announced expansion in Hong Kong recently with the recruitment of a four man team into Mirabaud Securities, a specialist in brokerage and corporate finance.