Union Bancaire Privée (UBP) posted a strong set of first-half results, with net profit rising 40.4 percent year-on-year to CHF 169.4 million, the Geneva-based private bank announced on Thursday. 

Assets under management increased by 4.8 percent from year-end to CHF 193.5 billion, supported by favorable market performance and positive investment returns across the bank’s discretionary mandates and investment funds. 

Operating income rose 10.4 percent to CHF 812.5 million. Fee and commission income climbed 16.5 percent to CHF 471.1 million, reflecting higher client trading activity and the growth in assets under management. Net interest income and treasury and trading revenues also contributed to the improved performance. 

Integration Synergies Support Profitability

Operating expenses increased by just 1.8 percent, highlighting what UBP described as disciplined cost management and the successful realization of synergies following the integration of Société Générale Private Banking Switzerland and SG Kleinwort Hambros in the UK. 

«Our first-half results were driven both by favorable financial market conditions and by the streamlining of our operations following our two most recent acquisitions», Chief Executive Guy de Picciotto said.

He added that the successful integration of the two banks within a year reflected the commitment of the bank’s employees. 

UBP also maintained a strong capital position, reporting a Tier 1 capital ratio of 22.5 percent and a liquidity coverage ratio of 233.8 percent at the end of June.