Swiss private banking group Mirabaud had a rough first half during which its consolidated net profit fell to CHF19.1m ($19.6m).

The profits fell by 9.5% in comparison with the same period of 2021. Operating profit fell from CHF25m as of June 2021 to CHF23.5m in June 2022.

At the end of 30 June 2022, the wealth manager’s assets under management totalled CHF33.2bn, a decline of CHF5.7bn from six months ago due to market corrections and volatility.

Mirabaud’s revenues for the period declined to CHF 149.1m from CHF152.8m in the year ago period.

Operating expenses, excluding depreciation, amortisation and taxes, totalled CHF121.4m during the first half, down CHF2.4m compared to the year-ago half.

Despite the volatile first half, the bank said it has managed to maintain a Tier 1 ratio of 21.6%, which is above the required minimum level and ‘stable’ compared to 2021 (21.3%).

Mirabaud senior managing partner Yves Mirabaud said: “During the first half of the year, market corrections and volatility weighed on our asset base but our revenues remained relatively stable. In this turbulent macroeconomic and geopolitical climate, all of Mirabaud’s teams are demonstrating an increased impetus to be agile, to listen and to innovate so as to serve the best interests of our clients.”