Swiss private bank Union Bancaire Privée (UBP) has registered a net profit of CHF117.2m in the first half of 2019.

This is a rise of 2% compared to the previous year’s figure of CHF115.3m.

Operating revenues for the first six months of 2019 were CHF533.2m, down 1% from CHF540m last year.

This was said to be due to a slowdown in trading among private and institutional clients.

Operating expenses increased 7% to CHF363.9m from CHF341m.

The rise in expenses was said to be driven by the acquisitions of Banque Carnegie Luxembourg – the private banking arm of Carnegie Investment Bank- and British wealth manager ACPI Investments.

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Assets under management were CHF134.4bn at the end of June 2019, a 6% increase from CHF126.8bn a year ago.

The bank attributed the rise to net inflows from private clients and the purchase of Banque Carnegie Luxembourg.

The bank’s Tier 1 capital ratio at the end of June 2019 was 26.1%.

Commenting on the performance, UBP CEO Guy de Picciotto said: “The successful integration of the two recently acquired entities, and of our new teams in Asia, is starting to pay off.

“The strong returns delivered by our investment solutions and the ongoing growth in assets under management mean that we can look ahead to the second half of 2019 with confidence.”