At the end of June 2024, Hyposwiss Private Bank's assets under management amounted  to 6.2 billion Swiss francs, an increase of 8.3 percent compared to the end of 2023 (5.8 billion francs), according to the half-year report. These figures, as well as the results below, relate exclusively to the Bank itself and not to the Group. The Geneva-based financial blog «Finance Corner» first reported on the course of business.

The bank operates two subsidiaries—Hyposwiss Advisors in Geneva, serving U.S. clients, and Fimanor Financial Management in Zurich (currently in liquidation, with its clients integrated into the bank). Additionally, it maintains a branch in Zurich, a representative office in Tel-Aviv, and holds a minority stake in Stavanger Asset Management in Norway.

Family of Financiers

Alain Lévy is the Chairman of the bank and Albert Lawi is the CEO. They belong to the second generation of a family of financiers originally from Baghdad, who later moved to Beirut in Lebanon and emigrated to Geneva in the 1940s.

In 1949, the Lawis founded the asset management group Mirelis there, whose subsidiary Mirelis Investrust  bought the Geneva business of the then Hyposwiss Privatbank from the St. Galler Kantonalbank in 2014. The Kadoori (via Maple Investment) and Dwek entrepreneurial families are also on board at Mirelis Investrust.

Operating Loss Eradicated

On the income side, the increase in commissions (up 2.1 million francs) in the first half of 2024 was offset by a decline in interest income, trading business and other ordinary income. Operating income is thus almost stable compared to the first half of 2023 (down 0.2 percent) and amounted to 34.4 million francs in the first six months of the year.

Despite a slight decline in personnel expenses, operating expenses increased by 1.9 percent due to higher general expenses. Taking into account impairments and provisions, operating profit rose to 4.1 million francs in the first half of the year, compared to a loss of 35,962 francs on June, 30 2023.

Significant Decline in Half-Year Profit

In contrast, the half-year net profit decreased from 4.9 million francs on June, 30 2023 to 2.8 million francs on June, 30 2024, a decline of 41.4 percent. Last year, extraordinary income of 5.1 million francs was recorded, which caused the result to skyrocket.