Swiss private bank Union Bancaire Privée (UBP) has reported net earnings of CHF79.5m for the first half 2015, a decrease of 3% compared to CHF82m a year ago.
For the period ended 30 June 2015, the group’s assets under management (AuM) was CHF93.1bn, down 1.8% compared to CHF94.8bn a year ago, excluding assets linked to the acquisition of Coutts International.
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The group’s income for the first half of 2015 stood at CHF379.5m, compared with CHF380.8m at the end of June 2014, boosted by solid trading activity.
The group’s consolidated cost/income ratio increased to 66.6% in the first half of the year. UBP has seen net inflows of more than CHF2bn from both institutional and private clients.
During the period, operating expenses rose 1.5% to CHF252.6m versus CHF248.4m for the same period last year.
The balance sheet totalled CHF19.45bn, up 5% on the same period in 2014, UBP said in a statement.
UBP CEO Guy de Picciotto said: "With 80% of our assets being denominated in foreign currencies, the strengthening of the Swiss franc has been a significant drag on our revenues. The impact of this has been estimated to be CHF 20 million over the first six months of the year, and it could increase in the second half of 2015.
"The fact that we have maintained our results is a clear sign of our ability to manage our costs and to offer our clients high-performance products and services that respond to their needs," he added.
