Geneva-headquartered UBP recorded a strong rise in net profit in the first half, driven by higher fees and commission income.
UBP registered a net profit of 138.1 million Swiss francs ($155 million) in the first half of 2024, according to the bank’s financial results, up 24.6 percent year-on-year.
Total operating income rose 8.8 percent to 670.6 million francs due to higher client transaction volumes that resulted in a 5.6 percent increase in net fees and commission income as well as stable recurring commissions. Net interest income also rose by 17.4 percent to 36.1 million francs due to the high interest rate environment.
Operating expenses rose 6.9 percent to 443.6 million francs, primarily driven by hiring costs for front office employees and the associated infrastructure costs.
Markets Drive AUM Growth
Assets under management grew 7.7 percent to 150.8 billion francs, mainly from solid financial market performance in early 2024 and a positive impact from exchange rates.
«The Bank and our clients have benefitted from a favorable 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,» said UBP CEO Guy de Picciotto.
«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.»
