UBP limits Swiss franc negative impact
Union Bancaire Privée (UBP) has posted net earnings of CHF 79.5m (€73.2m) at the end of June 2015, down 3% from CHF82m (€75.5m) yoy.
The firm said it has limited the negative impact of the Swiss national bank’s actions in January on Swiss franc.
Net inflows have amounted to CHF 2bn (€1.84bn) from both institutional and private clients.
Assets under management, mainly denominated in foreign currencies, have dropped by 1.8% yoy on June 2015, amounting to CHF 93.1 bn (€85.7bn) against CHF 94.8bn (€87.2bn) in June 2014.
This figure does not include the assets of Coutts International, the acquisition of which was announced at the end of March 2015.
UBP explained that the 1.8% decline is a direct result of the exchange-rate effect.
UBP’s CEO Guy de Picciotto commented : “With 80% of our assets being denominated in foreign currencies, the strengthening of the Swiss franc has been a significant drag on our revenues. The impact of this has been estimated to be CHF 20m over the first six months of the year, and it could increase in the second half of 2015.
“The fact that we have maintained our results is a clear sign of our ability to manage our costs and to offer our clients high-performance products and services that respond to their needs.”
Income was stable, coming in at CHF 379.5m (€349.3m), in comparison with CHF 380.8m (€350.6m) at the end of June 2014, boosted by solid trading activity.