Financial Results

Net Profit Rises At Union Bancaire Privée

Editorial Staff 23 January 2024

Net Profit Rises At Union Bancaire Privée

Costs held unchanged and income gained in 2023, enabling the cost/income ratio to narrow and helping the bottom line result.

Union Bancaire Privée yesterday announced a 6.4 per cent year-on-year rise in its 2023 net profit, reaching SFr223.8 million ($257.9 million), producing a cost/income ratio of 67.9 per cent.

Total income stood at SFr1.227 billion, up 1.1 per cent on a year earlier, while costs held steady, the Geneva-headquartered bank said in a statement. 

The slowdown in net fees and commissions income, due to reduced brokerage activity among private clients and the decline in profit on trading operations including foreign exchange, was compensated by robust net interest income, which rose by 25.3 per cent, as interest rates rose.

UBP’s assets under management remained stable in Swiss francs, at SFr140.0 billion ($140.4 billion) at the end of 2022. 

The positive effect from a market impact of SFr7.6 billion and net new money of SFr2.9 billion was completely offset by the negative impact of the Swiss franc’s appreciation against the main currencies, especially the dollar.

The Bank’s Tier 1 capital ratio rose to 28.9 per cent at the end of 2023 and is above the minimum requirement under Swiss regulations and the Basel III accords. The bank had a short-term liquidity coverage ratio of 313.9 per cent.

UBP employs 2,094 people in more than 20 locations worldwide.

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