The Swiss private bank boosted its assets under management despite headwinds from market volatility and a strong Swiss franc.

Union Bancaire Privée saw its assets under management grow 11.5 per cent to SFr 110 billion ($108 billion) in 2015, largely thanks to clients acquired from Coutts' operations in the Europe, Middle East and Africa.

Operating profit was down seven per cent year-on-year at SFr 152 million, while net profit stood at SFr 25.2 million for the year. The bank faced a hefty $187.767 million settlement with US Department of Justice’s Swiss Bank Program as well as costs related to the integration of Coutts EMEA. UBP purchased the non-UK private banking and wealth businesses of the Royal Bank of Scotland, operating under the Coutts brand, in March.

Business revenue dipped from SFr 768 million at the end of 2014 to SFr 750 million at the end of last year amid market volatility and a strong Swiss franc, the combined impact of which is estimated at nearly SFr 4 billion, according to UBP. Still, the bank generated net inflows of SFr 15.7 billion over the year. Its tier one ratio is 24 per cent.

“Our operating result reflects the resilience of our Private Banking and Asset Management businesses despite the difficult market conditions, thanks mainly to our costs being well controlled as well as a sharp increase in our assets under management”, said Guy de Picciotto, UBP’s chief executive, in the results statement.