After Pictet and Lombard Odier, Mirabaud has published its financial results for the first time in its history, becoming the third bank in the traditionally secretive Swiss banking sector to unveil its earnings this week.

Hot on the heels of Pictet and Lombard Odier, Mirabaud has published its financial results for the first time in its 195-year history, becoming the third bank in the traditionally secretive Swiss banking sector to unveil its earnings this week.

Geneva-based Mirabaud said in a statement that for the first six months of the year assets under management were SFr27 billion ($29.47 billion), up from SFr26 billion at the end of last year, while operating profit was SFr25.8 million.

The firm said consolidated net income was SFr17.5 million for the first six months to the end of June.

Total incomes amounted to SFr147.6 million, including net interest income of SFr5.1 million, fee and commission income of SFr123.7 million and dealing income of SFr14.0 million.

Based on equity of SFr180.8 million, the group has a core tier 1 capital ratio of 19.70 per cent.

“The Mirabaud Group, with operations in three core areas - private banking, asset management and intermediation – continues its investment activities in Switzerland and abroad. It has strengthened its position in Europe with the opening of a new private banking entity, Mirabaud & Cie (Europe) SA, Luxembourg. The group is also consolidating growth in asset management and intermediation by strengthening its teams in Switzerland, the UK and Dubai,” the statement said.

Pictet said in a half-yearly statement up to 30 June that profit was SFr203 million ($222 million), while assets under management were SFr404 billion, an increase of SFr13 billion from the end of last year. At its wealth management arm, assets under management were SFr150 billion.

Meanwhile, Lombard Odier said that in the first six months of 2014, consolidated net profit was SFr62.5 million for the group, while assets under management were SFr156 billion.

The figures are part of a general move towards greater transparency by Swiss banks.

Earlier this year Mirabaud became a limited liability company along with Lombard Odier and Pictet. Under the limited liability model, management of the group now falls under a corporate partnership, obligating the bank to disclose its finances. As a result, the bank’s partners are not liable for losses, which are now shifted to the corporate entity.

The moves highlight how the traditional Swiss model of private bank partners facing unlimited liability – seen as a cause for the great conservatism of such banks – is seen as unworkable at a time when such firms are expanding overseas and increasing staff and client assets.

As Swiss banks of all types have also come under global pressures over bank secrecy laws, there have been concerns about whether partners face litigation and associated risks from far-flung business units. For example, Wegelin, the country’s oldest private bank, has seen its name vanish in the wake of a tax evasion legal case in the US.