- UBP's net profit was CHF 210.4 million in 2022, up 4.5% from CHF 201.2 
million a year earlier
- Revenues rose by 7.0% to CHF 1.213 billion
- Assets under management totalled CHF 140.4 billion at end 2022

Following the sharp correction in financial markets in 2022, as well as 
negative exchange rate effects due to the strength of the Swiss franc against 
the euro and the pound, assets under management at UBP amounted to CHF 140.4 
billion at the end of December 2022 (-12.5% vs. 2021).

Net new money was positive, at CHF 0.9 billion, driven in particular by the 
integration of Danske Bank International and inflows from private clients, 
which offset the fund outflows mainly from institutional investors.

Revenues came to CHF 1.213 billion in 2022, up 7.0% year on year, boosted 
primarily by an increase in the net interest margin following the recent rate 
hikes. Profits on forex trading were also strong, rising by CHF 16.0 million. 
This helped compensate for the decline in fees and commissions (-6.2%) due to 
slower brokerage activities for private clients.

Operating expenses totalled CHF 826.6 million at the end of the year compared 
with CHF 754.5 million in 2021 (+ 9.6%). This increase is the result of the 
exceptional costs related to the acquisitions of Millennium Banque Privée in 
November 2021 and Danske Bank International in January 2022 along with 
substantial investments made in recruiting new teams in UBP's priority markets 
(Eastern Europe, the Middle East and Asia).

The Bank's net profit for 2022 therefore came in at CHF 210.4 million, up 4.5% 
from CHF 201.2 million a year earlier. Its cost/income ratio stands at 68.1% 
(compared with 66.5% for 2021).

In addition, UBP recorded an extraordinary income of CHF 29.3 million from the 
sale of a minority participation. This one-off gain was fully offset by a 
strengthening of the general banking reserves, value adjustment & 
depreciations, and additional provisions.  

With a stable balance sheet total of CHF 38.8 billion as at the end of December 
2022, UBP has the means to continue implementing its organic and external 
development plan. At 26.7%, its Tier 1 ratio remains well above the minimum 
requirement under the Basel III accords and FINMA regulations. UBP's short-term 
liquidity coverage ratio (LCR) of 304.6% and Moody's decision to maintain its 
Aa2 long-term deposit rating further emphasise UBP's financial strength.

"These results demonstrate that our foundations are strong. I'm grateful for 
all the hard work put in by our teams to stay close to our clients and come up 
with new investment solutions in this volatile environment. We must be prepared 
for another unpredictable year although the current headwinds can be considered 
more cyclical than structural. We are focused both on risk management and on 
adapting our range of investment solutions to take advantage of the new market 
regime. We are also determined to channel resources into our human capital and 
keep hiring talents to continuously strengthen our expertise and offer 
high-quality services to both institutional and private clients. Our business 
model has proved resilient, allowing us to maintain our capacity to invest year 
after year and pursue our growth strategy worldwide," states UBP's CEO Guy de 
Picciotto.

About Union Bancaire Privée (UBP)

UBP is one of Switzerland's leading private banks, and is among the 
best-capitalised, with a Tier 1 ratio of 26.7%. The Bank is specialised in the 
field of wealth management for both private and institutional clients. UBP is 
based in Geneva and employs 1,960 people in over twenty locations worldwide; it 
holds CHF 140.4 billion in assets under management (numbers as at 31 December 
2022).
www.ubp.com

Source:Union Bancaire Privée (UBP)