Swiss private bank Union Bancaire Privée (UBP) has reported a group profit of CHF257.4m ($283.9m) in 2024, a 15% growth from CHF223.8m ($246.8m) in 2023.
Client assets increased by 10.3% amid favourable market conditions and currency impact, reaching CHF154.4bn at the end of December 2024 from CHF140bn in the prior year.
Net new money from private clients contributed CHF1.7bn. However, this was offset by outflows from institutional clients along with the termination of alliances with external fund managers.
The bank’s total income for 2024 reached CHF1.34bn, up 9.4% from CHF1.23bn in the prior year.
This growth was the result of a 5% rise in fees and commissions, attributed to higher client assets and increased brokerage activity, mainly in structured products.
Net result from interest operations rose by CHF81.4m or 20.3%, reflecting the impact of its interest rate hedging strategy.
Hiring, technology investments, and costs associated with acquiring Societe Generale Private Banking (Switzerland) and SG Kleinwort Hambros led to a 9.1% rise in operating expenses to CHF908.9m in 2024.
UBP’s operating result increased 16% to CHF312.4m in 2024 from CHF269.2m a year earlier.
The group’s operating cost/income ratio remained almost stable at 67.7%, while its Tier 1 capital ratio stood at 28.9%, well above the FINMA and Basel III requirements.
As of December 2024, UBP reported CHF40.9bn in assets.
UBP CEO Guy de Picciotto said: “Our solid results clearly demonstrate UBP’s ability to offer our private and institutional clients attractive investment solutions as well as the best quality of service.
“Client activity levels and net interest income remained strong in 2024, supported by a favourable financial environment.”
