In the first half of 2013, UBP posted net earnings of CHF 77.2 million, which is a 10% rise compared to the previous half-year results (CHF 70 million). The end-of-June figure for assets under management is CHF 81.1 billion; this does not take into account assets from the acquisition, announced at the end of May 2013, of Lloyds Banking Group’s international private banking activities, which will be integrated when the deal is closed (on 31 October 2013).
Income came to CHF 349.4 million (USD 369.3 million) over the half-year, up from CHF 344.5 million a year before. The 11% rise in fees and commissions, to CHF 233.4 million (USD 246.7 million), offset the fall in interest margins. Operating expenses have been tightly controlled, and have dropped by 11% compared to the end of June 2012, to CHF 232.2 million (USD 245.5 million), bringing the Group’s consolidated cost/income ratio to 66% (down from 76% a year ago), despite the strong pressure currently weighing on margins in the banking industry.
Strong financial foundations
The balance sheet totalled CHF 18.8 billion (USD 19.9 billion). Overall, the balance sheet has remained stable and highly liquid. By pursuing a conservative approach to risk management, UBP has been able to maintain a solid financial base and a sound and strong balance sheet. With its Tier 1 ratio exceeding 30%, UBP is one of the best-capitalised Swiss banks.
Strategic developments
In the first half of 2013, boosted by a rebound on the markets and its renewed product sales drive, UBP was able to strengthen its positioning with both private and institutional clients, not only in Switzerland, but also in emerging markets. UBP firmly believes that the Swiss financial market has the strengths and qualities as a centre for wealth management to keep providing its clients with top-quality services through these times of regulatory changes.
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