Swiss private bank Union Bancaire Privée (UBP) has reported net earnings of CHF82 million for the first half ended 30 June 2014, a rise of 6.2% from CHF77.2 million a year ago.
The transfer of private banking relationships in Monaco from Lloyds Banking Group helped propel managed assets to CHF94.8 billion at the end of June, from CHF87.7 billion at the end of December, UBP said in a statement. Net inflows of CHF2.4 billion also contributed to asset growth.
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The group’s income totalled CHF380.8 million over these first two quarters, up from CHF349.4 million for the first half of last year.
Operating expenses were kept well under control, at CHF248.4 million including Lloyds integration costs.
The consolidated cost/income ratio for the group was 65% despite the strong pressure on margins in the banking industry.
During the period, the bank maintained Tier 1 ratio of 28%.
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