A recruitment drive in Asia and spending on digital technology caused business costs to rise at Union Bancaire Privée (UBP) – but the firm still increased its profits due partly to higher US dollar interest rates and a healthy Swiss banking sector.
The Geneva-based private bank and asset manager saw net profits rise 25% to 220.4 million Swiss francs (€187.2 million) as operating expenses were kept under control, the firm said.
These expenses – which the integration of the Coutts business that UBP acquired from Royal Bank of Scotland in Asia also contributed towards – increased by 5.5% to 669.6 million Swiss francs.
Assets under management at UBP reached 125.3 billion Swiss francs at the end of the year, a rise of 5.9%.
Guy de Picciotto, UBP’s chief executive, said: “Although these results are, in part, due to positive economic conditions and buoyant markets, they above all reflect the efforts and investments we have made over the last few years, particularly in Asia.
“Our 2017 performance was achieved in the context of a favourable economic environment, but it was also supported by a Swiss banking industry that is in good health.”
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