PR97048

GENEVA, July 18, 2022 /PRNewswire=KYODO JBN/ --

First half-year results 2022

- UBP's net profit was CHF 112.6 million in the first half of 2022, up 12.4%

from CHF 100.2 million a year earlier.

- Revenues increased by 10.5%, driven by a higher net interest margin and

recent acquisitions.

- Assets under management totalled CHF 148.2 billion at the end of June 2022

compared with CHF 160.4 billion at end-2021.

UBP's assets under management amounted to CHF 148.2 billion at end-June 2022,

down 7.6% compared with the end of December 2021. This CHF 12.2 billion

decrease arose from the sharp correction in financial markets during the

period. Net new money, meanwhile, was positive at CHF 3.4 billion, driven in

particular by the acquisition of Danske Bank International, completed in the

first quarter, which offset outflows among existing clients, mainly

institutional investors.

Revenues rose by 10.5% from CHF 562.1 million in the first half of 2021 to CHF

620.9 million in the first half of 2022. This increase resulted from a higher

net interest margin (up CHF 42.7 million) following the recent rate hikes, but

also from the addition of the Millennium Banque Privee business in late 2021

and Danske Bank International in 2022. Revenues from trading – principally

forex – grew sharply during the period (by CHF 16.5 million) and helped to

compensate for the decline in trading activity among private clients.

Operating expenses totalled CHF 411.7 million in the first half of 2022 as

opposed to CHF 372.7 million in the first half of 2021. This 10.5% rise was the

direct result of recent acquisitions and investments, particularly the

recruitment of several teams in our priority markets and the expansion of the

Bank's responsible investment offering. Net profit reached CHF 112.6 million,

up 12.4% from CHF 100.2 million a year earlier.

UBP's Tier 1 ratio of 23.2% at the end of June 2022, along with its short-term

liquidity coverage ratio (LCR) of 286.5%, illustrate the quality of its balance

sheet and financial strength, as confirmed by Moody's decision to maintain its

Aa2 long-term deposit rating.

"The sharp correction in financial markets and the upturn in volatility since

the start of the year directly affected both our asset base and brokerage

activity among our clients. However, higher interest rates and favourable

movements in exchange rates, particularly the rise in the dollar, enabled UBP

to achieve good results. At a time of major uncertainty arising from the

conflict in Ukraine and inflation risks, we must show agility and adjust our

offering in order to address client concerns, as well as being ready to invest

again when the time is right," said UBP's CEO Guy de Picciotto.

About Union Bancaire Privée (UBP) – www.ubp.com

UBP is one of Switzerland's leading private banks, and is amongst the

best-capitalised, with a Tier 1 ratio of 23.2%. The Bank is specialised in the

field of wealth management for both private and institutional clients. It is

based in Geneva and employs 1,985 people in over twenty locations worldwide,

and holds CHF 148.2 billion in assets under management (all figures as at 30

June 2022).

SOURCE: Union Bancaire Privee (UBP)