First half-year results 2024

Union Bancaire Privée’s net profit rises by 24.6% to CHF 138.1 million

• Net profit reached CHF 138.1 million, up 24.6% from CHF 110.8 million a year before
• Operating profit before taxes amounted to CHF 167.9 million for the first half of the year
• Assets under management grew by CHF 10.8 billion to CHF 150.8 billion 
• Total operating income rose to CHF 670.6 million, up 8.8%

UBP’s assets under management (AuM) grew by 7.7% to CHF 150.8 billion at the end of June 2024 compared with CHF 140.0 billion at the end of 2023. The increase was mainly due to the solid performance of financial markets since the beginning of the year, as well as positive exchange-rate impacts.

Total operating income rose to CHF 670.6 million in the first half of the year, up from CHF 616.4 million in the same period in 2023 (+8.8%). This was achieved thanks to higher volumes of client transactions resulting in a rise of net fees and commission income (+5.6%), as well as stable recurring commissions. Net interest income (NII) remained strong, up CHF 36.1 million (+17.4%), supported by the high interest rate environment. 

Operating expenses totalled CHF 443.6 million in the first half of 2024 compared to CHF 414.8 million a year earlier. The increase is primarily due to the large number of recruitments in 2023, especially Front Office employees, and the associated infrastructure costs.

Operating profit before taxes amounted to CHF 167.9 million compared with the previous year’s figure of CHF 138.0 million (+21.7%), and net profit reached CHF 138.1 million, up 24.6% from CHF 110.8 million a year earlier, resulting in a cost/income ratio of 66.2% (compared with 67.9% at the end of 2023).

The Bank’s Tier 1 ratio of 27.2% and short-term liquidity coverage ratio (LCR) of 267.8% reflect the quality of the Bank’s balance sheet and its financial strength, as also confirmed by the Aa2 long-term deposit rating issued by Moody’s.  

“The Bank and our clients have benefitted from a favourable financial environment, with high interest rates and steady returns in the first half of 2024. Client activity levels have begun to improve, and we have been able to offer our Clients investment solutions tailored to the recent market conditions. At the same time, we have made significant investments in both our Compliance framework and our IT infrastructure, helping us to continue meeting the increasing demands of the regulators in an ever more complex regulatory environment”

UBP’s CEO Guy de Picciotto.