Annual results 2014: Union Bancaire Privée increases its net earnings by nearly 9%

Geneva (ots) -

- Union Bancaire Privée, UBP SA (UBP) announced today net earnings of
CHF 165 million, an increase of 8.6% compared to 2013.
- Assets under management have risen by 12.5%, reaching CHF 98.7
billion.
- UBP continues to maintain a highly stable and liquid balance sheet;
with a Tier 1 ratio of 29%, it is one of the best-capitalised banks
in Switzerland.
- The Bank continues to manage costs tightly, as reflected by its
cost/income ratio of 67.1%.

Positive results in an unstable world

"Against a backdrop of ever-changing regulations, UBP improved its
profitability in 2014 thanks to sound cost management and growing
revenues. Net inflows from clients totalled CHF 4.5 billion, a
reflection of our ability to develop high-performing products and
investment solutions that are greatly appreciated by our clientele",
says Guy de Picciotto, UBP's CEO, adding that "the SNB's recent
decision to abandon the cap against the euro and reinforce its
negative interest rates policy will have an adverse impact on our
foreign currency income in 2015 and therefore compels us to look at
our income forecast for 2015 and to factor in some adjustments".

12.5% increase in assets under management

As at 31 December 2014, assets under management reached CHF 98.7
billion. The 12.5% increase on the previous financial year is due to
rising markets, the integration of Lloyds' private banking business
in Monaco and new business from our Institutional Clients division,
which has enjoyed a number of commercial successes. On top of this,
the Private Banking division has also set itself apart by its ability
to maintain assets under management, thanks to significant new
capital inflows from growth markets, notably from the Middle East.

Improved profitability

Revenue for the year reached CHF 774 million, up from CHF 694
million at the end of 2013, boosted by both an increased net interest
margin and an improvement in net fees and commissions (up by 11.5%
and 12.4% respectively).

Alongside this, the Bank continues to keep a tight rein on its
expenses and has again improved its consolidated cost/income ratio
(67.1%). The 9.5% increase in operating expenses, which totalled CHF
520 million, can be put down, in the first instance, to the
completion of the integration of Lloyds' international private
banking business, as well as to the opening of the new branch in
Monaco. In addition, the Bank has adapted its range of products and
services to meet the new needs of its clients.

As a result UBP has increased its profitability, with the Group's
gross earnings showing an increase of 17% to CHF 255 million, against
CHF 218.3 million in the previous financial year, whilst the net
consolidated earnings total CHF 165 million, rising by 8.6%.

Maintaining a strong financial base

The balance sheet, which is highly liquid, totals CHF 20.2
billion, up 10% from the end of 2013. With a Tier 1 ratio of 29%, UBP
is one of the best-capitalised Swiss banks, allowing it to continue
to grow organically, as well as looking at outside opportunities for
expansion.

About Union Bancaire Privée (UBP)

UBP is one of Switzerland's leading private banks, and is amongst
the best-capitalised, with a Tier 1 ratio of 29%. The Bank
specialises in wealth management for both private and institutional
clients. It is based in Geneva and employs about 1,300 people in some
twenty locations worldwide; as at 31 December 2014, it held CHF 98.7
billion in assets under management. www.ubp.com

For further information, please contact:
Bernard Schuster - Head of Group Communications:
tel. +41 58 819 24 70, e-mail bsc@ubp.ch