A 15% increase in net profit, a 16% rise in operating income, and a more than 10% growth in client assets: The Geneva-based private bank continues its upward trajectory.
Union Bancaire Privée (UBP) reported total operating income of CHF 1.342 billion for 2024, representing a 9.4% increase compared to the previous year.
A key driver of this performance, according to figures released on Monday, was a 5.0% rise in commission and fee income. This growth stemmed not only from higher client assets but also from increased trading activity among private clients, particularly in structured products.
The net interest income also contributed significantly, growing by 20.3% to CHF 81.4 million.
Further Increase in Client Assets
UBP also reported a rise in client assets, which grew by 10.3% year-over-year to CHF 154.4 billion as of the end of December 2024 (2023: CHF 140.0 billion). This growth was driven by global market dynamics and favorable currency effects.
Net new money inflows from private clients totaled CHF 1.7 billion but were largely offset by outflows from large institutional clients due to profit-taking and the termination of partnerships with external fund managers.
Marked Increase in Operating Expenses
While revenues climbed, costs also rose. Operating expenses increased by 9.1% to CHF 908.9 million, driven by recruitment efforts, substantial investments in technology, and costs related to the acquisitions of Société Générale Private Banking (Switzerland) SA and SG Kleinwort Hambros.
Operating profit reached CHF 312.4 million, reflecting a 16.0% increase compared to 2023 (CHF 269.2 million). Net profit for 2024 amounted to CHF 257.4 million, marking a 15.0% year-over-year rise.
Ample Resources for Further Expansion
The cost-to-income ratio remained stable at 67.7%.
With total assets of CHF 40.9 billion at the end of December 2024, UBP maintains a strong financial foundation for both organic growth and external expansion.
The group’s Tier 1 capital ratio remained robust at 28.9%.
