UBP experienced a fall in profit in the first half of 2025, despite an increase in both client assets and total income, the private bank’s half year results report has shown.

Its client assets rose from CHF 154.4bn (£143.5bn) at the end of 2024 to CHF 171.7bn (£159.6bn) at the end of June 2025, an increase of 11.2 per cent.

The bank said this growth was primarily driven by the integrations of Societe Generale Private Banking (Suisse) SA and SG Kleinwort Hambros in the first half of 2025.

Additionally, CHF 4.7bn (£4.37bn) of the increase was due to the performance of assets and funds, with these factors offsetting negative currency effects as the US dollar declined against the Swiss franc, which had a CHF 13.2bn (£12.3bn) negative impact on client assets.

UBP’s total income rose by 9.7 per cent year-on-year in the first half of 2025, from CHF 670.6bn (£623.1bn) to CHF 736bn (£684bn), driven by the increase in client assets following recent acquisitions.

Fees and commissions increased by 9.2 per cent to CHF 404.2bn (£375.6bn) during the same period, which UBP said reflected high levels of transactions among private clients.

However, the bank’s group profit fell from CHF 138.1m (£128.3m) in the first half of 2024 to CHF 120.7m (£112.2m) in H1 2025.

Its total operating expenses rose by 16 per cent, mainly due to non-recurring expenses related to the two acquisitions in Switzerland and the United Kingdom, while personal expenses were up by 13.1 per cent due to the recruitment of new relationship managers in Asia, efforts to strengthen teams in the compliance and risk management departments, and the effect of the ongoing integrations.

UBP’s total equity remained stable at CHF 2.77bn (£2.57bn), its liquidity coverage ratio was 294.6 per cent, and its tier 1 capital ratio was 21.3 per cent.

“In the first-half period, we completed the acquisition of Societe Generale’s private banking activities in Switzerland and the United Kingdom, and the positive effects will materialise after the two entities have been fully integrated,” commented UBP CEO, Guy de Picciotto.

“Those transactions form part of our group’s growth strategy, aimed at expanding the products and services we offer to private and institutional clients, whilst also strengthening our presence in priority markets.

“They also enabled us to post solid results in the context of a weak dollar, falling interest rates and greater market volatility.”

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