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GENEVA, January 30, 2013 /PRNewswire/ -- UBP's CEO, Guy de Picciotto, said: "These positive results for 2012 are attributable to the efforts we have made over several years to win the trust of our private and institutional clients, while contending with the changing regulatory framework both in Switzerland and abroad and the consolidation of the finance industry".
Union Bancaire Privee, UBP SA (UBP) has announced a 12% year-on-year rise in its assets under management to CHF 80 billion as at 31 December 2012 (USD 87 billion), against CHF 72 billion at the end of 2011. This increase is the result of net inflows of funds from private and institutional clients, sound asset management performances and several acquisitions.
The UBP Group's net consolidated earnings came in at CHF 175 million (USD 191 million), practically level with the 2011 figure of CHF 176 million (-0.6%). The operational integration of ABN Amro Bank (Switzerland) AG became effective on 31 May 2012 and the synergies only took place in the second half of the year.
The Bank has maintained a strong financial base thanks to its cautious approach to risk-management and its close watch on the balance sheet. With its Tier 1 ratio of 24% it is one of the best-capitalised Swiss banks.
Assets on the rise and results stable
The Bank has expanded its assets under management and kept its results level with the previous year. Assets under management amounted to CHF 80 billion as at 31 December 2012, up 12% on the previous year (+4.2% in net inflows). UBP's net earnings came to CHF 175 million for the year (compared with CHF 176 million at the end of 2011). The operational integration of ABN Amro Bank (Switzerland) AG became effective on 31 May 2012 and the synergies only took place in the second half of the year.
The year's income was CHF 691 million (USD 755 million) against CHF 763 million a year earlier, due to the fall in the interest margin to CHF 153 million (USD 167 million), against CHF 163 million in 2011, and in trading income to CHF 99 million (USD 108 million). Incoming fees and commissions, at CHF 435 million (USD 475 million), posted a CHF 15.5 million increase on 2011. Operating expenses, taking into account integration costs, were kept under control (+0.2% compared with the previous year) at CHF 509 million (USD 556 million). The Group's consolidated cost/income ratio was 74% because of the integration expenses.
Strong financial foundations
The balance sheet totalled CHF 18.9 billion (USD 20.6 billion) and the return on shareholder equity for the 2012 financial year was 10.2%. Overall, the balance sheet has remained stable and highly liquid. By pursuing a conservative approach to risk-management, UBP has been able to maintain a solid financial base and a sound and strong balance sheet. With its Tier 1 ratio of 24% UBP is one of the best-capitalised Swiss banks.
In 2012 UBP also saw the integration of the three acquisitions it made in 2011 and 2012, which have enabled it to strengthen its positioning on key markets. The Bank has created a new division specialising in alternative investments and restructured its Asset Management division, building blocks for it to continue broadening its range of products and investment solutions aimed at both private and institutional clients. UBP has also expanded its commercial capacity, especially in Asia and in the Middle East.
About Union Bancaire Privee (UBP)
UBP is one of Switzerland's leading private banks, and is among the best-capitalised, with a Tier 1 ratio of 24%. It is specialised in the field of wealth management for both private and institutional clients. The Bank is based in Geneva and employs around 1,300 people in some twenty locations worldwide; it held CHF 80 billion (USD 87 billion) in assets under management as at 31 December 2012.
Jerome Koechlin - Head of Communications