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UBP - Union Bancaire Privée

First half of 2010 - Union Bancaire Privée records net earnings of more than CHF 100 million and deploys its resources in Asset Management and Private Banking

Geneva (ots)

  • Union Bancaire Privée (UBP) has announced net earnings of CHF 103.3 million (USD 95.6 million) at the end of the first half of 2010, in line with expectations.
  • UBP attracted CHF 3.4 billion (USD 3.1 billion) in capital inflows in the first half of 2010 and has seen its total assets under management stabilise at CHF 71.9 billion (USD 66.5 billion) as at 30 June 2010.
  • Due to its conservative risk and balance sheet management, UBP continues to enjoy solid financial foundations, with a Tier 1 capital ratio of 26.6%.
  • With the appointment of a Managing Director to head its Private Banking division and the strengthening of its sales, asset management and marketing teams, UBP is pressing ahead with the restructuring of its business activities in its two largest growth centres: private and institutional asset management, strongly oriented towards the emerging markets.
"It is our determination and our flexibility which allow us to 
rise to today's challenges and to maintain our profit margins at a 
time when the markets are still volatile" said Guy de Picciotto, 
UBP's CEO. "In the first half of this year, we have concentrated our 
efforts on the quest for performance, preserving our clients' capital
and expanding our product range. At the same time, we have made 
significant investments to reinforce our business activity in the two
principal areas of our development - Private Banking and Asset 
Management - and we have grown our emerging-market expertise."
Profitability maintained
At a time when the markets are highly volatile, interest rates are
low and exchange-rate effects are negative, UBP has returned a 
consolidated net profit of CHF 103.3 million (USD 95.6 million) in 
the first half of 2010. Despite the tough banking environment, UBP 
continues to attract new clients with a significant proportion coming
from emerging markets, with capital inflows of CHF 3.4 billion (USD 
3.1 billion) in the first half of 2010. Assets under management 
stabilised at CHF 71.9 billion (USD 66.6 billion) as at 30 June 2010,
compared to CHF 75 billion (USD 72 billion) at the end of 2009. 
Alternative assets have stabilised at CHF 17 billion (USD 16 
billion), compared to CHF 19.5 billion (USD 18.8 billion) for the 
2009 financial year.
Income totalled CHF 384.4 million (USD 355.9 million) for this 
half of the year, compared to CHF 418.8 million (USD 387.7 million) 
for the same period in 2009. The Bank has kept its overheads under 
control, reducing its operating expenses by more than 2% to CHF 246.4
million (USD 228.1 million), compared to CHF 251.9 million for the 
first half of 2009 (USD 233.2 million). The consolidated cost/income 
ratio for the Group was 69% after depreciation.
Solid financial foundations
The balance sheet totalled CHF 18.4 billion (USD 17 billion) and 
the annualised return on equity was 12% for the first half of the 
year. The balance sheet remains stable and is marked out by its very 
high level of liquidity. Continued conservative risk-management is 
allowing UBP to maintain its solid financial foundations, producing a
strong and debt-free balance sheet. UBP has a Tier 1 capital ratio of
26.6% - well above the legal minimum - making it one of the 
best-capitalised banks in Switzerland.
The global economy is undergoing a fundamental transformation with
the centre of world growth shifting towards Asia. UBP continues to 
reflect this trend in the implementation of its global strategy both 
in terms of its long-term commitment to clients and the strengthening
of its financial expertise. Michel Longhini's arrival as Managing 
Director of its Private Banking division represents the last major 
appointment to UBP's Executive Committee, following those of Richard 
Wohanka as CEO of Asset Management, Eftychia (La) Fischer as Head of 
Treasury & Trading and Ian Cramb as Chief Operating Officer. With 
this team in place, UBP is well positioned to grow its business in 
this challenging but exciting environment.
About Union Bancaire Privée
Union Bancaire Privée (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 more than CHF 72 billion (USD 66.5 
billion) in assets under management as at 30 June 2010. 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 
seeking out performance and attaining its clients' objectives.


Jérôme Koechlin
Head of Communications
Tel.: +41/58/819'26'40

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