UBS posts Q4 net profit at $1.71B, up 137% YoY

Tuesday, 26. January 2021 06:49

UBS Group AG announced on Tuesday its operating income rose 16% per annum to $8.12 billion, while total operating expenses declined 1% in the same period to $6.06 billion. The net profit in the fourth fiscal quarter surged 137% year-over-year to $1.71 billion, or $0.46 per share.

Return on equity fell 2.9 percentage points to 11.5%, while the cost/income ratio rose 3.9 points to 74.1%. Total assets were up 6% on a yearly basis to $1,125,765, with Common Equity Tier 1 leverage ration at 3.85%.

"Despite the uncertainties caused by the pandemic, the negative effects of the COVID-related crisis on our financial and capital positions were limited in 2020," the bank said in the press release. "Overall, we expect elevated credit loss expenses to persist for at least as long as the COVID-19 containment measures continue, although at levels lower than in the first half of 2020."

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