UBP Profits Rise After Coutts Deal

UBP, earnings, profits, Coutts, assets

Union Bancaire Privee, Head Office in Geneva

Union Bancaire Privee said first-half revenue rose more sharply than spending, bolstering profits. The Geneva-based private bank's acquisition of business from Coutts International helped.

The Swiss private bank said net profit rose 13 percent to 90 million Swiss francs, helped by a 20 percent jump in revenue.

«The acquisition of the Coutts International business is beginning to produce results,» UBP CEO Guy de Picciotto said in a statement.

Coutts Assets in Asia

Spending rose 18 percent on the year to 294.5 million francs, mostly due to costs of integrating the Coutts arm. 

Assets under management were bolstered by 8.2 billion francs from Coutts' activities in Asia.

This fillip offset outflows at UBP's asset management division as well as those due to clients coming clean on offshore accounts, which totaled 2.6 billion when taken together, as well as a foreign currency hit of 1.6 billion.

Tough Conditions

«This growth enables us to improve out profitability despite the tough conditions generated by the current uncertainty and volatility in the financial markets,» de Picciotto said.

The bank's cost-income ratio, a measure of how much banks spend for revenue generated, stood at 65 percent.

 

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