{"id":20564,"date":"2023-07-21T09:48:00","date_gmt":"2023-07-21T09:48:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4163680_AE63680_0"},"modified":"2023-07-21T09:48:00","modified_gmt":"2023-07-21T09:48:00","slug":"union-bancaire-privee-posts-net-profit-of-chf-110-8-million-for-the-first-half-of-2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=20564","title":{"rendered":"Union Bancaire Priv\u00e9e posts net profit of CHF 110.8 million for the first half of 2023"},"content":{"rendered":"<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/1576450\/20200123_2700530_1LOGO_Logo.jpg?p=medium600\" border=\"0\" alt title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b><span id=\"spanHghlt358c\">First half-y<\/span>ear results 2023<\/b><\/p>\n<ul type=\"disc\">\n<li><i>Assets under management&nbsp;<\/i>remained&nbsp;stable&nbsp;at CHF&nbsp;140.6&nbsp;billion&nbsp;<\/li>\n<li><i>Revenues&nbsp;<\/i>of&nbsp;CHF&nbsp;616.4&nbsp;million were down 0.7%<\/li>\n<li><i>Operating profit before taxes&nbsp;<\/i>amounted to CHF&nbsp;138.0&nbsp;million for the first half year compared with the previous year&#8217;s figure of CHF&nbsp;136.9&nbsp;million (+0.8%)<\/li>\n<\/ul>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">GENEVA<\/span> and <span class=\"xn-location\">HONG KONG<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">July 21, 2023<\/span><\/span> \/PRNewswire\/ &#8212; UBP&#8217;s assets under management remained stable at CHF&nbsp;140.6&nbsp;billion at the end of <span class=\"xn-chron\">June 2023<\/span> compared with CHF&nbsp;140.4&nbsp;billion at the end of 2022. This result was achieved in a context where rising asset prices in the major currencies (CHF&nbsp;+4.2&nbsp;billion) were largely offset by the appreciation of the Swiss franc against the US dollar (<span class=\"xn-money\">CHF -3<\/span>.5&nbsp;billion).<\/p>\n<p><i>Revenues<\/i> amounted to CHF&nbsp;616.4&nbsp;million in the first half of the year, representing a slight decrease (-0.7%) compared to CHF&nbsp;620.9&nbsp;million in the first half of 2022. A slowdown in fees and commissions (-12.5%), primarily due to lower brokerage activities was compensated by a strong net interest margin, up <span class=\"xn-money\">CHF 62<\/span>.6&nbsp;million (+43.3%), supported by recent rate hikes.<\/p>\n<p><i>Operating expenses<\/i>&nbsp;totalled CHF&nbsp;414.8&nbsp;million, and were in line with the previous year&#8217;s figure of CHF&nbsp;411.7&nbsp;million. The small rise of 0.7% was the direct result of a pick-up in business travel. <i>Operating profit before taxes <\/i>amounted to <span class=\"xn-money\">CHF 138.0 million<\/span> compared with CHF&nbsp;136.9&nbsp;million in the first half of 2022&nbsp;(+0.8%).<i> Net profit<\/i> was CHF&nbsp;110.8&nbsp;million compared with <span class=\"xn-money\">CHF 112<\/span>.6&nbsp;million a year before (-1.6%).<\/p>\n<p>The <i>Tier 1 ratio<\/i> of 27.3% and the <i>short-term liquidity coverage ratio<\/i> (LCR) of 262% reflect the quality of the Bank&#8217;s balance sheet and its financial strength, as also reconfirmed by the Aa2 long-term deposit rating issued by Moody&#8217;s.&nbsp;<\/p>\n<p>&#8220;The first half of the year was marked by the strength of the Swiss franc, high inflation and rapidly rising interest rates. Although global markets have recovered, clients tend to have a <span id=\"spanHghltf6c9\">&#8216;<\/span>wait-and-see<span id=\"spanHghlt85ac\">&#8216; <\/span>attitude. It is our role to be alert to opportunities across all markets, and to present suitable solutions to our clients wherever they are,&#8221; said<b> UBP&#8217;s CEO <span class=\"xn-person\">Guy de Picciotto<\/span>.<\/b><\/p>\n<p>About Union Bancaire Priv\u00e9e (UBP) \u2013 <a href=\"http:\/\/www.ubp.com\/\" target=\"_blank\" rel=\"nofollow noopener\">www.ubp.com<\/a><\/p>\n<p>UBP is one of <span class=\"xn-location\">Switzerland&#8217;s<\/span> leading private banks, and is amongst the best-capitalised, with a Tier 1 ratio of 27.3%. The Bank is specialised in the field of wealth management for both private and institutional clients. It is based in <span class=\"xn-location\">Geneva<\/span> and employs 2,008 people in over twenty locations worldwide, and holds CHF&nbsp;140.6&nbsp;billion in assets under management (all figures as at <span class=\"xn-chron\">30 June 2023<\/span>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First half-year results 2023 Assets under management&nbsp;remained&nbsp;stable&nbsp;at CHF&nbsp;140.6&nbsp;billion&nbsp; Revenues&nbsp;of&nbsp;CHF&nbsp;616.4&nbsp;million were down 0.7% Operating profit before taxes&nbsp;amounted to CHF&nbsp;138.0&nbsp;million for the first half year compared with the previous year&#8217;s figure of CHF&nbsp;136.9&nbsp;million (+0.8%) GENEVA and HONG KONG, July 21, 2023 \/PRNewswire\/ &#8212; UBP&#8217;s assets under management remained stable at CHF&nbsp;140.6&nbsp;billion at the end of June 2023 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-20564","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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