Half-year results 2013: Union Bancaire Privée increases net earnings by 10%
Geneva, 30 July 2013
n Union Bancaire Privée, UBP SA (UBP) has announced a 10% rise in its consolidated net profit year on year, from CHF 70 million in June 2012 to CHF 77.2 million (USD 81.6 million) at the end of June this year.
n Assets under management amounted to CHF 81.1 billion (USD 85.7 billion) as at 30 June 2013, compared with CHF 80 billion at the end of 2012. This increase results from net inflows of new money from both private and institutional clients, but does not include assets from the acquisition, announced at the end of May 2013, of the international private banking activities of Lloyds Banking Group, which will be integrated when the deal is closed (on 31 October 2013).
n 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 above 30%, UBP is one of the best-capitalised Swiss banks.
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Rise in assets under management and net earnings
In the first half of 2013, UBP posted net earnings of CHF 77.2 million, which is a 10% rise compared to the previous half-year results (CHF 70 million). The end-of-June figure for assets under management is CHF 81.1 billion; this does not take into account assets from the acquisition, announced at the end of May 2013, of Lloyds Banking Group's international private banking activities, which will be integrated when the deal is closed (on 31 October 2013).
Income came to CHF 349.4 million (USD 369.3 million) over the half-year, up from CHF 344.5 million a year before. The 11% rise in fees and commissions, to CHF 233.4 million (USD 246.7 million), offset the fall in interest margins. Operating expenses have been tightly controlled, and have dropped by 11% compared to the end of June 2012, to CHF 232.2 million (USD 245.5 million), bringing the Group's consolidated cost/income ratio to 66% (down from 76% a year ago), despite the strong pressure currently weighing on margins in the banking industry.
Strong financial foundations
The balance sheet totalled CHF 18.8 billion (USD 19.9 billion). Overall, the balance sheet has remained stable and highly liquid. By pursuing a conservative approach to risk management, UBP has been able to maintain a solid financial base and a sound and strong balance sheet. With its Tier 1 ratio exceeding 30%, UBP is one of the best-capitalised Swiss banks.
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Strategic developments
In the first half of 2013, boosted by a rebound on the markets and its renewed product sales drive, UBP was able to strengthen its positioning with both private and institutional clients, not only in Switzerland, but also in emerging markets. UBP firmly believes that the Swiss financial market has the strengths and qualities as a centre for wealth management to keep providing its clients with top-quality services through these times of regulatory changes.
For any further information, please contact:
Jérôme Koechlin - Head of Corporate Communications, tel. +41 58 819 26 40, e-mail jko@ubp.ch
About Union Bancaire Privée (UBP)
UBP is one of Switzerland's leading private banks, and is among the best-capitalised, with a Tier I ratio of 32.9%. The Bank is specialised in the field of wealth management for both private and institutional clients. It is based in Geneva and employs 1,250 people in some twenty locations worldwide; it held CHF 81.1 billion (USD 85.7 billion) in assets under management as at 30 June 2013.