Swiss private bank Union Bancaire Privee (UBP) has reported net profit of CHF109.5m for the first half of 2017, a 21.6% surge compared with CHF89.9m a year ago.
Operating revenues for the half year ended 30 June 2017 increased 12.5% to CHF509.5m from CHF452.9m in the corresponding year ago period.
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Operating profit jumped 21.2% to CHF133.7m from CHF110.5m last year. Operating expenses rose 9.9% year-on-year to CHF323.7m, driven by the integration of Coutts in Asia.
The bank’s net interest margin during the period soared 18.5% to CHF139.3m, mainly due to higher US dollar interest rates.
Assets under management at the end of June 2017 totalled CHF118.9bn, almost flat compared to the last year. The bank’s Tier 1 capital ratio stood at 26%.
UBP CEO Guy de Picciotto said: “The numbers from the first half of the year have been very encouraging. While we have benefited from positive market movements, the hard work and dedication of our teams in offering our clients innovative solutions have played a significant role in achieving this set of results.
“They also reflect the substantial investments we have recently made in strengthening our teams and demonstrate the dynamism of our activities in Asia.”
