Swiss private bank Union Bancaire Privée (UBP) has reported net earnings of CHF165m for the year ended 31 December 2014, a rise of 8.6% compared to a year ago.
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For the period ended 31 December 2014, assets under management (AuM) advanced to CHF98.7bn, up 12.5% compared to the previous year. The rise in AuM was driven by rising markets and integration of Lloyds’ private banking business in Monaco and new business from institutional clients division.
The group’s revenue for the year totalled CHF774m, up by 11.5% from CHF694m from the year ago period.
The wealth manger posted gross earnings of CHF255m, an increase of 17% from CHF218.3m in the prior year, while its net consolidated earnings increased by 8.6% to CHF165m.
UBP said its Tier 1 ratio was 29%, making it one of the best capitalised Swiss banks. The company continued to maintain a highly stable and liquid balance sheet that totalled CHF 20.2bn, up 10% from the end of 2013.
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By GlobalDataDuring the period, the group’s cost/income ratio increased to 67.1%. Net inflows from clients stood at CHF 4.5bn.
Operating expenses were up 9.5% to CHF520m including Lloyds integration costs.
UBP’s CEO Guy de Picciotto said: "Against a backdrop of ever-changing regulations, UBP improved its profitability in 2014 thanks to sound cost management and growing revenues.
"Net inflows from clients totalled CHF4.5bn, a reflection of our ability to develop high-performing products and investment solutions that are greatly appreciated by our clientele.
"The SNB’s recent decision to abandon the cap against the euro and reinforce its negative interest rates policy will have an adverse impact on our foreign currency income in 2015 and therefore compels us to look at our income forecast for 2015 and to factor in some adjustments."
