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PR Newswire
GENEVA, January 24, 2014
- Annual results 2013
"In the midst of the industry's mutations and consolidations, UBP can rely on its sound client-acquisition strategy, its high-performance range of products and efficient services, and its teams' unwavering efforts to meet all its clients' needs", says Guy de Picciotto, UBP's CEO.
Increasing assets and improving results
The Bank expanded its assets under management and increased its operational results in 2013. Assets under management amounted to CHF 87.7 billion as at 31 December 2013, up 10% on the previous year. The Group's operating profit grew by 20%, to CHF 218.3 million, up from CHF 181.4 million the year before. UBP's consolidated net profit came to CHF 152 million after provisions (13% lower than the CHF 175 million at the end of 2012). The operational integration of Lloyds having become effective on 1 November 2013, the synergies will come into effect over the first half of 2014.
The year's income was CHF 694 million (USD 780 million), up from CHF 691 million a year earlier, with a CHF 14 million (9%) fall in the interest margin, offset by a CHF 25.5 million (6%) rise over the year in commissions to CHF 460.6 million (USD 517.9 million). The synergies following the earlier acquisitions reduced operating expenses by 6.6%, to CHF 475.4 million (USD 534.6 million), year on year. The Group's consolidated cost/income ratio is 68.5%, confirming the Group's profitability.
About Union Bancaire Privée (UBP)
UBP is one of Switzerland's leading private banks, and is among the best-capitalised, with a Tier I ratio of 29%. The Bank is specialised in the field of wealth management for both private and institutional clients. It is based in Geneva and employs about 1,350 people in some twenty locations worldwide; it held CHF 87.7 billion (USD 98.6 billion) in assets under management as at 31 December 2013.
http://www.ubp.com
http://www.linkedin.com/company/ubp
For any further information, please contact:
Jérôme Koechlin - Head of Corporate Communications: Tel. +41-58-819-26-40, e-mail jko@ubp.ch