Union Bancaire Privée (UBP) reported a total operating income of CHF 1.342 billion for 2024, making a 9.4% increase compared to the previous year.

According to figures released on Monday, a key contributor to this growth was a 5.0% rise in commission and fee income. This increase was driven by higher client assets and elevated 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 10.3% year-over-year increase in client assets, reaching CHF 154.4 billion as of December 2024, up from CHF 140.0 billion in 2023. 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 increased, costs rose as well. Operating expenses grew by 9.1% to CHF 908.9 million, driven by recruitment efforts, significant investments in technology, and expenses 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%.