Annual results 2010 - Union Bancaire Privée books a net profit of CHF 216 million and rolls out new Private Banking and Asset Management strategies

Geneva, Switzerland

  • Union Bancaire Privée (UBP) books a net profit of CHF 216 million (USD 203 million) for the 2010 financial year and rolls out its new strategies for its Private Banking and Asset Management arms.
  • Assets under management totalled CHF 65 billion (USD 61 billion) as at 31 December 2010, mainly affected by negative exchange-rate effects.
  • Thanks to careful risk-management and a tight rein on the balance sheet, UBP has maintained a strong financial base and a Tier 1 ratio of 24.1%.

Stable earnings

For the 2010 financial year, UBP's consolidated net profit reached CHF 216 million (USD 203 million), identical to 2009. As at 31 December 2010, assets under management came to CHF 65 billion (USD 61 billion), versus CHF 75 billion at the end of 2009. These were mainly affected by negative exchange-rate effects.

Income stood at CHF 766 million (USD 719 million) for the year, versus CHF 806 million for 2009. Interest income remained almost unchanged at CHF 162 million (versus 166 million in 2009). Trading came in at CHF 195 million (USD 183 million), boosted by particularly good market conditions. Operating expenses were still well under control (-1%) at CHF 493 million (USD 463 million). This figure takes account of the investment made in reorganising the Asset Management arm. The Group's consolidated cost/income ratio was 65%.

Sound financial base

The balance sheet total reached CHF 18 billion (USD 17 billion), and the return on shareholder equity for the 2010 financial year was 12.8%. Overall, the balance sheet remained stable, with a high level of liquidity. By pursuing a conservative approach to risk-management, UBP has maintained a solid financial base and a strong balance sheet. With a Tier 1 capital ratio of 24.1%, UBP is one of the best-capitalised banks in Switzerland. The 2010 results include the agreement the Bank reached with the US liquidator dealing with the bankruptcy of Bernard L. Madoff Investment Securities, which allowed UBP to close this chapter once and for all.

Growing new markets

After two years of profound changes to the international financial and economic landscape, 2011 will see the crystallisation of all the Bank's efforts. Private Banking's aims are to develop growth markets, such as the Middle East, Asia, Eastern Europe and Latin America, and to grow its European onshore client base. Asset Management has launched a new range of investment funds, with around fifteen products essentially managed in-house and focused on emerging markets.

As a global asset manager, UBP is committed to providing innovative investment solutions suited to the new market environment, with the highest levels of service quality and transparency. With its good 2010 results, newly-recruited renowned experts and financial solidity, the Bank is facing the future with confidence and knows it can continue to provide its clients with the best investment services.

About Union Bancaire Privée

Union Bancaire Privée (UBP) is based in Geneva and is one of Switzerland's leading private banks. Active in the field of asset management for both private and institutional clients and with a very solid balance sheet, the Bank had more than CHF 65 billion (USD 61 billion) in assets under management as at 31 December 2010. UBP employs around 1,200 people in some twenty locations worldwide and provides a complete range of products and innovative investment solutions, both in traditional and alternative asset management, with the aim of seeking out performance and attaining its clients' objectives.


Jérôme Koechlin - Head of Communications: Tel. +41/58/819'26'40, e-mail jko@ubp.ch