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GENEVA, Jan. 27, 2025 /PRNewswire/ --
- UBP realised a group profit of CHF 257.4 million in 2024, marking a substantial increase of 15.0% from the CHF 223.8 million achieved in 2023.
- The operating result was CHF 312.4 million, up 16.0% from the previous year's CHF 269.2 million.
- Client assets grew by CHF 14.4 billion (+10.3%) to CHF 154.4 billion.
- The Group's Tier 1 capital ratio stood at 28.9%.
The Bank's total income for the year was CHF 1.342 billion, representing growth of 9.4% compared with CHF 1.227 billion in 2023. This was fuelled by a 5% increase in fees and commissions driven not only by the rise in client assets but also by heightened brokerage activity among private clients (particularly in structured products). The rise in income was also achieved thanks to the net result from interest operations increasing by a robust CHF 81.4 million (+20.3%), reflecting the relevance of our interest rate hedging strategy.
Client assets grew by 10.3% to CHF 154.4 billion at the end of December 2024, compared with CHF 140.0 billion at the end of 2023, reflecting the strong performances of our investment solutions supported by global financial markets, as well as a positive exchange rate impact. Net new money from private clients (CHF +1.7 billion) was largely offset by outflows from large institutional clients taking profits, as well as the termination of partnerships with external fund managers.
Operating expenses rose to CHF 908.9 million (+9.1%), due to our continuous recruitment efforts in 2024, substantial investments in technology, and costs related to the acquisitions of Societe Generale Private Banking (Switzerland) Ltd and SG Kleinwort Hambros.
The operating result increased to CHF 312.4 million, a 16.0% growth from CHF 269.2 million in 2023, and the group profit for 2024 was CHF 257.4 million, up 15.0% from CHF 223.8 million a year earlier, resulting in a stable operating cost/income ratio of 67.7%.
With a balance sheet of CHF 40.9 billion as at the end of December 2024, UBP continues to maintain the firm financial foundations upon which to build its organic and external development.
The Group's Tier 1 capital ratio remained stable at 28.9%, well above the minimum requirement under FINMA regulations and the Basel III accords. The short-term liquidity coverage ratio (LCR) – of 351.3%, up from 313.9% a year earlier – and Moody's decision to maintain its Aa2 long-term deposit rating underscore UBP's financial strength.
"Our solid results clearly demonstrate UBP's ability to offer our private and institutional clients attractive investment solutions as well as the best quality of service. Client activity levels and net interest income remained strong in 2024, supported by a favourable financial environment. We continued to invest in our operations and infrastructure to meet the requirements of an increasingly complex regulatory environment. We also mobilised our resources to prepare for the integration of our two latest acquisitions, expected at the end of January in Switzerland and at the end of March in the UK, which will enable us to further expand our offering to clients thanks to the complementary strengths of our teams." states UBP's CEO, Guy de Picciotto.
About Union Bancaire Privée (UBP)
UBP is one of Switzerland's leading private banks, and among the best-capitalised, with a Tier 1 capital ratio of 28.9%. The Bank is specialised in the field of wealth management for both private and institutional clients. Headquartered in Geneva, UBP employs 2,140 people in over twenty locations worldwide and holds CHF 154.4 billion in client assets (numbers as at 31 December 2024).
