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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.