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January 19, 2018

UBP annual net profit soars 25% to CHF220.4m

Swiss private bank Union Bancaire Privee (UBP) has reported a net profit of CHF220.4m for the year ended 31 December 2017, a surge of 25% compared to CHF176.4m a year ago.

Revenue increased to CHF1.04bn from CHF934.6m a year ago. The bank attributed the growth to rise in fees and commissions, significant growth in advisory and discretionary mandates among private clients, and increase in interest income.

Operating income before provisions was CHF271.2m, an increase of 41% from CHF191.9m in 2016.

“The increase was driven by the brokerage and advisory businesses, underpinned by strong returns on the products of the Asset Management division, and also by innovative new investment offerings,” the bank said in its earnings statement.

Operating expenses increased 5% year-on- year to CHF669.6m. Assets under management at the end of December 2017 were CHF125.3bn, up 6% compared with CHF118.3bn a year earlier.

The bank’s Tier 1 capital ratio at the end of December 2017 stood at 27.4%.

UBP CEO Guy de Picciotto said: “Although these results are, in part, due to positive economic conditions and buoyant markets, they above all reflect the efforts and investments we have made over the last few years, particularly in Asia.

“Our 2017 performance was achieved in the context of a favourable economic environment, but it was also supported by a Swiss banking industry that is in good health.”

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