Union Bancaire Privée increased its profit by a quarter in 2017 as its profitability improved. The Geneva-based bank also profited from a surge on equity markets.
Union Bancaire Privée (UBP) had a profit of 220.4 million Swiss francs in 2017, 25 percent up from a year earlier, the company said in a statement today.
The bank improved its profitability, increasing the cost-income-ratio to 64.1 percent from 67.9 percent in 2016. UBP had net income of 130,000 francs for each member of staff, up 24,000 from a year earlier.
Bull Market Boost
The bull market boosted assets under management, which added 5.9 percent to 125.3 billion francs. Net new money amounted to 2.5 billion.
Operating costs increased 5.5 percent to almost 670 million francs, boosted by the integration of Coutts in Asia (completed in April 2016) and the hiring of new staff in that region. The costs also increased due to regulatory requirements and investment in digitization.
Balance Sheet Up
The balance sheet totaled 32 billion francs at the end of 2017, up 1.2 billion from a year earlier. The core capital ratio (Tier I) was 27.4 percent, much higher than required under Basel III and by the Swiss regulator Finma.
