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Union Bancaire Privée increases assets under management by 8%

Thursday, July 24, 2014
Opalesque Industry Update -
  • Union Bancaire Privée, UBP SA (UBP) has seen an 8% rise in its assets under management since the end of December 2013, from CHF 87.7 billion to CHF 94.8 billion (USD 106.9 billion) at the end of June
  • 2014. This growth is partly attributable to net inflows of CHF 2.4 billion. The Group’s net consolidated earnings have also risen, by 6.2%, to CHF 82 million (USD 92.5 million), up from CHF 77.2 million a year earlier.

  • The Bank has maintained a strong financial base thanks to its cautious approach to risk management and its close watch on the balance sheet. With its Tier 1 ratio of 28%, UBP is one of the best-capitalised Swiss banks.

Growth in assets under management and net earnings
As at 30 June 2014, UBP had posted net earnings of CHF 82 million, which is a 6.2% year-on-year rise (from CHF 77.2 million). Its assets under management came to CHF 94.8 billion, up 8% on December 2013 (CHF 87.7 billion); this rise is attributable in part to net inflows worth CHF 2.4 billion, and also to the full integration of the Lloyds international private banking business in Monaco, which became effective last April.

Income totalled CHF 380.8 million (USD 429.4 million) over these first two quarters, up from CHF 349.4 million for the first half of last year. Operating expenses were kept well under control, at CHF 248.4 million (USD 280.1 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.

Strong financial foundations
The balance sheet totalled CHF 18.5 billion (USD 20.8 billion). Overall, it has remained stable and highly liquid. By pursuing a conservative approach to risk management, UBP has also been able to maintain a solid financial base: with its Tier 1 ratio of 28%, UBP is one of the best-capitalised Swiss banks.

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