First half-year results 2020: Union Bancaire Privee announces a net profit of CHF 107.6 million for the first half of 2020

GENEVA,July 17,2020 --

Operating profit in the six months to the end of June 2020 was CHF130.6million,up 19.6% year-on-year.

Net profitamounted to CHF107.6million compared with the previous year's figure of CHF117.2million,which included a non-recurring profit from the sale of a property.

Net new assets totalled CHF3.7billion in the first half of the year.

Increased trading activity

UBP attracted a total of CHF3.7billion of net new assets in the first six months of the year. These inflows,which came mainly from private clients,demonstrate both the appeal of UBP's investment solutions and the solid management of our clients' assets during a particularly challenging period. The inflows offset most of the decline in assets under management caused by the Covid-19-related impact on financial markets,but also by adverse currency movements,especially the US dollar. Overall,assets under management totalled CHF137.2billion at the end of June 2020,down 2.2% compared with CHF140.3billion at the end of 2019.

Revenues rose 4.5% to CHF557.0million in the first half of 2020,as opposed to CHF533.2million a year earlier. The increase was driven by strong trading activity at a time of much greater volatility in the financial markets.

Operating expensesfell slightly,by CHF3.0million to CHF360.9million versus CHF363.9million in the first half of 2019,reflecting the Bank's strict cost control during the period.

Operating profit of CHF130.6million shows a substantial increase of 19.6% or CHF21.4million compared with CHF109.1million a year earlier. Net profit amounted to CHF107.6million against the previous year's figure of CHF 117.2 million,a result which included a non-recurring gain from the sale of a property in London.

The Tier 1 ratio of27.5% at the end of June 2020,along with the short-term liquidity coverage ratio (LCR) of 254.0%,demonstrate the Bank's solid financial position and the quality of its balance sheet,both of which have helped UBP to successfully traverse this challenging period.

"Against a background of an economic shutdown and an unprecedented public health crisis,we have remained close to our clients while experiencing a high level of activity in many business lines. We should not,however,underestimate the severe contraction in the real economy,which has led us to adopt a relatively cautious investment strategy for the next few months," said UBP's CEO Guy de Picciotto.

The complete financial results can be found here.

For any further information,please contact

Bernard Schuster

Maude Hug

Group Head of Communications (Spokesman)

Head of Media Relations

Tel: +41 58 819 24 70,E-mail bernard.schuster@ubp.ch

Tel: +41 58 819 75 27,E-mail maude.hug@ubp.ch

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 27.5% as at 30 June 2020. The Bank is specialised in the field of wealth management for both private and institutional clients. It is based in Geneva and employs 1,796 people in over twenty locations worldwide; it held CHF 137.2 billion in assets under management as at 30 June 2020.

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