Thu, Mar 28, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

Swiss private bank UBP announces a net profit of $114m for the first half of 2020

Friday, July 17, 2020
Opalesque Industry Update - UBP attracted a total of CHF 3.7 billion of net new assets in the first six months of the year. These inflows, which came mainly from private clients, demonstrate both the appeal of UBP's investment solutions and the solid management of our clients' assets during a particularly challenging period.

The inflows offset most of the decline in assets under management caused by the Covid-19-related impact on financial markets, but also by adverse currency movements, especially the US dollar.

Overall, assets under management totalled CHF 137.2 billion at the end of June 2020, down 2.2% compared with CHF 140.3 billion at the end of 2019.

Net profit amounted to CHF 107.6 million ($114m) compared with the previous year's figure of CHF 117.2 million, which included a non-recurring profit from the sale of a property.

Revenues rose 4.5% to CHF 557.0 million in the first half of 2020, as opposed to CHF 533.2 million a year earlier. The increase was driven by strong trading activity at a time of much greater volatility in the financial markets.

Operating expenses fell slightly, by CHF 3.0 million to CHF 360.9 million versus CHF 363.9 million in the first half of 2019, reflecting the Bank's strict cost control during the period.

Operating profit of CHF 130.6 million shows a substantial increase of 19.6% or CHF 21.4 million compared with CHF 109.1 million a year earlier. Net profit amounted to CHF 107.6 million against the previous year's figure of CHF 117.2 million, a result which included a non-recurring gain from the sale of a property in London.

The Tier 1 ratio of 27.5% at the end of June 2020, along with the short-term liquidity coverage ratio (LCR) of 254.0%, demonstrate the Bank's solid financial position and the quality of its balance sheet, both of which have helped UBP to successfully traverse this challenging period.

"Against a background of an economic shutdown and an unprecedented public health crisis, we have remained close to our clients while experiencing a high level of activity in many business lines. We should not, however, underestimate the severe contraction in the real economy, which has led us to adopt a relatively cautious investment strategy for the next few months," said UBP's CEO Guy de Picciotto.

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1