First half of 2011: Union Bancaire Privée rolls out its new strategy and keeps its results stable
n Union Bancaire Privée, UBP SA (UBP) has announced a net profit of CHF 105.4 million (USD 125.2 million) in the first half of 2011, in line with expectations (CHF 103.3 million - USD 95.6 million - for the first half of 2010).
n Assets under management totalled CHF 60.7 billion as at 30 June 2011 - compared with CHF 65 billion as at 31 December 2010 - mainly affected by negative exchange-rate effects. In dollars the figures are USD 72.1 billion as at the end of June 2011 and USD 69 billion as at 31 December 2010.
n 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 23.6%.
"The combination of our proactive teams and our financial solidity is the key to our current and future successes and to the pursuit of our strategy" says Guy de Picciotto, UBP's CEO. "Over the first half of this year we have focused on implementing our strategic plan in Asia and other growth markets, and on strengthening our private and institutional management and sales teams on the European markets".
Amid the strong contraction in stock-market activity, low interest rates and negative exchange-rate effects, UBP returned a consolidated net profit of CHF 105.4 million (USD 125.2 million) in the first half of 2011.
Income stood at CHF 383.2 million, versus CHF 384.4 million for same period of 2010. The Bank has reduced its operating expenses by 3.6% to CHF 237.6 million (compared with CHF 246.4 million for the first half of 2010), thanks to its tight control over resource-allocation and overheads. The Group's consolidated cost/income ratio was 65.9% after depreciation.
Sound financial base
The balance sheet total reached CHF 15.3 billion, and the annualised return on shareholder equity for the first half of 2011 was 12.8%. Its conservative risk-management has allowed the Bank to maintain a strong financial base: with a Tier 1 capital ratio of 23.6%, UBP is one of the best-capitalised banks in Switzerland.
Strong activity and enhanced resources
Over the past half-year UBP has continued to adapt to the new market environment, to deploy its resolutely client-oriented strategy and to broaden its range of services. In wealth management the Bank has stabilised its volume of assets thanks to a positive net inflow of new money in the first half of the year. Over the same period, its management and advisory resources have been enhanced in order to offer innovative investment solutions that are better suited to the new market environment.
About Union Bancaire Privée, UBP SA
Union Bancaire Privée, UBP SA (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 some CHF 60.7 billion (USD 72.1 billion) in assets under management as at 30 June 2011. 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 preserving its clients' capital and attaining their objectives. www.ubp.com
For any further information, please contact:
Jérôme Koechlin, Head of Corporate Communications