Union Bancaire Privée posts net profit of CHF 110.8 million for the first half of 2023

First half-year results 2023

Assets under managementremainedstableat CHF140.6billion

RevenuesofCHF616.4million were down 0.7%

Operating profit before taxesamounted to CHF138.0million for the first half year compared with the previous year's figure of CHF136.9million (+0.8%)

GENEVA and HONG KONG,July 21,2023 -- UBP's assets under management remained stable at CHF140.6billion at the end of June 2023 compared with CHF140.4billion at the end of 2022. This result was achieved in a context where rising asset prices in the major currencies (CHF+4.2billion) were largely offset by the appreciation of the Swiss franc against the US dollar (CHF -3.5billion).

Revenues amounted to CHF616.4million in the first half of the year,representing a slight decrease (-0.7%) compared to CHF620.9million in the first half of 2022. A slowdown in fees and commissions (-12.5%),primarily due to lower brokerage activities was compensated by a strong net interest margin,up CHF 62.6million (+43.3%),supported by recent rate hikes.

Operating expensestotalled CHF414.8million,and were in line with the previous year's figure of CHF411.7million. The small rise of 0.7% was the direct result of a pick-up in business travel. Operating profit before taxes amounted to CHF 138.0 million compared with CHF136.9million in the first half of 2022(+0.8%). Net profit was CHF110.8million compared with CHF 112.6million a year before (-1.6%).

The Tier 1 ratio of 27.3% and the short-term liquidity coverage ratio (LCR) of 262% reflect the quality of the Bank's balance sheet and its financial strength,as also reconfirmed by the Aa2 long-term deposit rating issued by Moody's.

"The first half of the year was marked by the strength of the Swiss franc,high inflation and rapidly rising interest rates. Although global markets have recovered,clients tend to have a 'wait-and-see' attitude. It is our role to be alert to opportunities across all markets,and to present suitable solutions to our clients wherever they are," 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 27.3%. The Bank is specialised in the field of wealth management for both private and institutional clients. It is based in Geneva and employs 2,008 people in over twenty locations worldwide,and holds CHF140.6billion in assets under management (all figures as at 30 June 2023).