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Union Bancaire Privee increases assets under management by 12 per cent.

Union Bancaire Privee (UBP) has announced a 12 per cent year-on-year rise in its assets under management to CHF 80 billion as at 31 December 2012 ($87 billion), against CHF 72 billion at the end of 2011. The group said the increase is the result of net inflows of funds from private and institutional clients, sound asset management performances and several acquisitions.

UBP Group's net consolidated earnings came in at CHF 175 million ($191 million), practically level with the 2011 figure of CHF 176 million (-0.6 per cent). The operational integration of ABN Amro Bank (Switzerland) AG became effective on 31 May 2012 and the synergies only took place in the second half of the year.

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 of 24 per cent it is one of the best-capitalised Swiss banks.

UBP's CEO, Guy de Picciotto, said, "These positive results for 2012 are attributable to the efforts we have made over several years to win the trust of our private and institutional clients, while contending with the changing regulatory framework both in Switzerland and abroad and the consolidation of the finance industry".

Assets under management amounted to CHF 80 billion as at 31 December 2012, up 12 per cent on the previous year (+4.2 per cent in net inflows). UBP's net earnings came to CHF 175 million for the year (compared with CHF 176 million at the end of 2011). The operational integration of ABN Amro Bank (Switzerland) AG became effective on 31 May 2012 and the synergies only took place in the second half of the year.

The year's income was CHF 691 million ($755 million) against CHF 763 million a year earlier, due to the fall in the interest margin to CHF 153 million ($167 million), against CHF 163 million in 2011, and in trading income to CHF 99 million ($108 million). Incoming fees and commissions, at CHF 435 million ($475 million), posted a CHF 15.5 million increase on 2011. Operating expenses, taking into account integration costs, were kept under control (+0.2 per cent compared with the previous year) at CHF 509 million ($556 million). The Group's consolidated cost/income ratio was 74 per cent because of the integration expenses.

The balance sheet totalled CHF 18.9 billion ($20.6 billion) and the return on shareholder equity for the 2012 financial year was 10.2 per cent.

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Publication:CPI Financial
Date:Feb 4, 2013
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