⏱ 1 min read
Background
Union Bancaire Privée (UBP) is a private bank based in Geneva. It recently integrated Société Générale Private Banking Switzerland and SG Kleinwort Hambros in the UK.
The key points
UBP reported net profit of 169.4 million francs in the first half, up 40.4% year on year. The bank benefited from buoyant financial markets, higher client activity and synergies from its acquisitions, according to finews.com.
Assets under management rose 4.8% since the end of the year, to 193.5 billion francs. Discretionary mandates and investment funds benefited from positive returns.
Key figures
- Net profit: 169.4 million francs (+40.4%).
- Operating income: 812.5 million (+10.4%).
- Fee and commission income: 471.1 million (+16.5%).
- Operating expenses: +1.8%.
- Tier 1 capital ratio: 22.5%. Liquidity coverage ratio: 233.8%.
What it means for businesses
The small rise in costs reflects, according to UBP, disciplined cost management and the realisation of synergies. The integration of the two acquired banks was completed within a year. Interest and trading income also contributed to the performance.
Who says what
Chief executive Guy de Picciotto attributes these results to favourable market conditions and the streamlining of operations after the two acquisitions.
