Private Banks

UBP announces a net profit of CHF 202.4 million

The Bank ended 2018 with CHF 126.8 billion in assets under management, up 1.2% from CHF 125.3 billion at the end of 2017, after a difficult year in the stock and currency markets.

UBP posted a 2018 operating result of CHF 257.5 million before provisions (compared with CHF 271.2 million in 2017), and a net profit of CHF 202.4 million, compared with CHF 220.4 million the previous year; an 8.2% decline (or -5.2% excluding non-recurring costs). The cost/income ratio for the year was 65.8% (compared with 64.4% in 2017).

“We continued to invest in both our offering and our resources amid declining markets and a clear drop in client transaction volumes. The acquisitions of ACPI and Banque Carnegie will allow us to step up our growth in Europe, and the recruitment of new teams in Asia and the Middle East reflects our ambitions in those priority markets. This year’s strong net inflows are the reward for our teams’ hard work in meeting the expectations of our clients, who seek tailored and innovative solutions”, said UBP’s CEO Guy de Picciotto.