Geneva-based private bank Union Bancaire Privée was able to significantly increase its net profit over the past year. Among other things, this is due to higher profitability.
Union Bancaire Privée (UBP) reported a net profit of 220.4 million francs for 2017. This represents an increase of 25 percent over the previous year, the bank communicated today.
At the same time, the bank became more profitable with the cost income ratio falling to 64.1 percent from 67.9 percent in the previous year. In this context, net income per employee increased by 24,000 francs to 130,000 francs.
Hiring Momentum
In Asia UBP kept up its hiring momentum throughout 2017 adding to both its Hong Kong and Singapore units. Chief executive Guy de Picciotto wants the share of assets managed in the region to make up one third of the firm's total within five years.
The bank was also aided by last year's surge in the financial markets. Assets under management increased to 125.3 billion Swiss francs (+5.9 percent). This figure also includes net inflows of customers amounting to 2.5 billion francs.
Cost of Coutts integration
Operating costs increased by 5.5 percent to just under 670 million francs. This is due to the full accounting for the integration of Coutts in Asia (which was completed in April 2016) and the recruitment of staff in that region. They also include the costs associated with regulatory provisions and investments in digitization.
The balance sheet total settled at 32 billion francs at the end of 2017, which represents an increase of 1.2 billion francs compared to the previous year.
