The family-controlled wealth manager's profits rose last year amid a Swiss deal and favorable markets.
Geneva-based UBP's net profit last year rose nearly 11 percent on the prior year to 201.2 million Swiss francs ($219.7 million), it said in an emailed statement on Friday. It said more assets under management and favorable markets underpinned the result.
Its assets rose nearly nine percent to 160.4 billion francs, as favorable markets bolstered performances in its mandates. It also won 5.7 billion francs in net new money, mainly from Asia, the Middle East, and Eastern Europe, as well as from the acquisition of Millennium Banque Privée last year.
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Revenue rose nearly six percent to 1.13 billion francs, as commissions rose and offset the shrinking market on net interest. Its spending rose by five percent, reflecting deal costs, investments to bolster its sustainability and responsible investing expertise, and to recruit new teams.
The bank, which tallies nine acquisitions since 2010 including Millennium, is still in rude health despite the slight spending rose: its cost/income ratio improved to 66.5 percent, from 67.1 percent in 2020.
It still has firepower to do more: UBP's balance sheet is 38.8 billion francs and its main capital ratio stands at 25.2 percent, which is well north of what its regulator requires.
