Swiss private bank Union Bancaire Privée (UBP) has reported net earnings of CHF77.2 million for the first half of 2013, which is a 10% rise compared to CHF70 million reported in the year ago period..
For the period ended 30 June 2013, client assets under management advanced to CHF81.1 billion, excluding assets linked to the acquisition of Lloyds Banking Group’s international private banking activities in May this year.
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The impact of the acquisition of Lloyds business will be integrated into results when the deal closes, which is expected to be by 31 October 2013.
UBP said its AUM increased by CHF1.1 billion compared to the same time last year, boosted by net inflows from both private and institutional clients.
Geneva-based wealth manager posted an 11% gain to CHF233.4 million of income from fees and commissions. Operating expenses fell 11%, lowering the firm’s cost-to-income ratio to 66% at the end of June from 76% a year earlier.
UBP said its Tier 1 ratio is above 70%, making it one of the best capitalised Swiss banks.
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By GlobalDataLooking forward, the wealth manager said it believed opportunities are strong in Switzerland, including as a centre for wealth management at a time when regulatory changes are challenging clients.
