just now
Union Bancaire Privée's client assets climbed more than 11% to CHF 171.7 billion in the first half of 2025, driven primarily by the integration of two major acquisitions despite significant currency headwinds.
The Swiss private bank's assets under management rose CHF 17.3 billion from CHF 154.4 billion at the end of 2024, representing an 11.2% increase. The growth was largely attributed to the acquisitions of Société Générale Private Banking (Suisse) SA and SG Kleinwort Hambros during the period.
Guy de Picciotto, UBP's CEO
"In the first-half period, we completed the acquisition of Société Générale's private banking activities in Switzerland and the United Kingdom, and the positive effects will materialise after the two entities have been fully integrated. Those transactions form part of our Group's growth strategy, aimed at expanding the products and services we offer to private and institutional clients, whilst also strengthening our presence in priority markets. They also enabled us to post solid results in the context of a weak dollar, falling interest rates and greater market volatility," said Guy de Picciotto, UBP's CEO.
Market performance contributed CHF 4.7 billion to the increase, though this was partially offset by negative currency effects. The US dollar's rapid decline against the Swiss franc created a CHF 13.2 billion negative impact on client assets. In USD terms, client assets rose 26.6% to USD 215.7 billion from USD 170.4 billion at year-end 2024.
Total income reached CHF 736.0 million in the first half, up 9.7% from CHF 670.6 million in the same period last year. The solid performance was underpinned by increased client assets following recent acquisitions, leading to a 9.1% rise in net result from interest operations to CHF 265.2 million.
Fees and commissions grew 9.2% to CHF 404.2 million, reflecting high transaction levels among private clients. However, total operating expenses surged 16.0%, primarily due to non-recurring costs related to the two acquisitions in Switzerland and the United Kingdom.
Personnel expenses increased 13.1%, driven by the recruitment of new relationship managers in Asia in late 2024 and efforts to strengthen compliance and risk management teams. The bank also incurred costs from ongoing integration activities.
Group profit declined to CHF 120.7 million from CHF 138.1 million in the prior year period. Total equity remained stable at CHF 2,768.6 million, while the liquidity coverage ratio stood at 294.6% and the Tier 1 capital ratio at 21.3%, both well above regulatory requirements.
