UBP achived a great results in 2023

UBP achieves excellent 2023 results despite strong franc

Union Bancaire Privée (UBP), a renowned private bank based in Geneva, has reported a notable increase in earnings and staff recruitment over the past year. Despite facing volatility in the months ahead, UBP’s leadership remains optimistic about the future.

In 2023, UBP achieved a net profit of 223.8 million Swiss Francs, marking a 6.4% increase from the previous year. This growth is attributed primarily to a significant 25% rise in interest income. Despite a decline in private client trading activities and revenues from trading and foreign exchange transactions, leading to a 7.2% decrease in net commission and fee income, UBP’s performance has been strong.

Stable Asset Management Amidst Currency Fluctuations

UBP managed assets worth 140 billion Swiss Francs, maintaining stability despite market fluctuations. Positive stock market conditions contributed 7.6 billion Swiss Francs, and net new money added another 2.9 billion. However, the appreciation of the Swiss Franc, particularly against the US dollar, neutralized these gains. Notably, about half of UBP’s client funds are evaluated in US dollars.

Investment in Talent and Technology

Operational expenses rose slightly to 832.8 million Swiss Francs, driven mainly by recruitment and technological investments. UBP has been actively hiring in Switzerland and Asia. The bank’s cost-income ratio (CIR) improved marginally from 68.1% to 67.9% compared to the previous year.

Strong Foundation for Future Growth

With a robust balance sheet totaling 37.4 billion Swiss Francs at the end of 2023 and a solid Tier 1 capital ratio increase from 26.7% to 28.9%, UBP is well-positioned to continue its plans for organic growth and external expansion.

Looking Ahead with Confidence

Guy de Picciotto, CEO of UBP, views the future with a balanced perspective. “2024 is expected to be another volatile year, but we are confident in the dedication of our teams and our unique offerings to expand our presence in target markets,” he stated.

Conclusion

UBP’s successful navigation through challenging economic conditions highlights its resilience and commitment to growth. Despite the strong Swiss Franc’s impact, the bank’s strategic focus on interest income, efficient asset management, and investment in human and technological resources demonstrate its robustness in the financial sector.

About UBP

Union Bancaire Privée (UBP) stands as a testament to excellence in private banking. Based in Geneva and family-owned, UBP has established itself as a leader in the financial industry, known for its commitment to client security, innovative financial solutions, and a forward-thinking approach to global market challenges. With a clear vision for the future and a strong foundation in expert financial management, UBP continues to set benchmarks in the banking world.

Disclaimer. Please note that the information and services provided by BMA Business Solutions, including assistance with opening bank accounts and starting businesses in Switzerland, may not be legal or compliant in all jurisdictions. It is your responsibility to ensure that the services provided by BMA Business Solutions meet the legal requirements of your country of residence or citizenship. If you have any concerns about the legality or compliance of our services, please do not hesitate to contact us.

This website may contain links to external websites. These links are provided for your convenience and information only. BMA Business Solutions does not control these external sites and cannot be responsible for their content or any risks associated with them. By using this website, you agree to do so at your own risk. BMA Business Solutions cannot be held liable for any loss or profit arising from the use of this website or its contents. We strongly recommend that you carry out your own due diligence before making any decisions based on the information provided on our website. For any financial, legal, or other advice, please consult a qualified professional advisor.

Please subscribe to our newsletter

Please subscribe to our newsletter

Scroll to Top