Swiss private bank Union Bancaire Privee (UBP) has reported net profit of CHF90m for the first half of 2016, up 13% from CHF79.5m a year ago.
Operating revenue surged 20% to CHF453m from CHF376m in the year ago half. The bank said that the rise was mainly driven by the acquisition of the Coutts International client base.
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Operating profit jumped 21.7% to CHF110.5m from CHF90.8m in the first half of 2015.
Operating expenses were CHF294.5m, a rise of 18% from CHF249.1m a year earlier, mainly due to the costs of integrating the Coutts International business.
Assets under management at the end of June 2016 stood at CHF113.5bn, up from CHF110bn at the end of December 2015.
The bank’s Tier 1 capital ratio following the acquisition was 22.3%.
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By GlobalDataUBP CEO Guy de Picciotto said: "The acquisition of the Coutts International business is beginning to produce results, as shown by the growth in our revenues and assets. Coupled with good cost management, this growth enables us to improve our profitability despite the tough conditions generated by the current uncertainty and volatility of the financial markets."
