The logo of Swiss banking giant UBS engraved on the wall is seen on its headquarters on May 8, 2019 in Zurich.
Fabrice Coffrini | AFP | Getty Images
LONDON — UBS, the world’s largest wealth manager, has reported net income of $1.71 billion for the fourth quarter of 2020, a 137% jump on the year before.
Analysts had expected income to come in at $967 million for the three-month period, according to Refinitiv. It comes after the Swiss bank reported net income of $2.1 billion for the third quarter of last year.
Double-digit profit growth in UBS’ wealth management and asset management division contributed to the quarterly performance.
Here are some other key metrics from the results:
- Operating income came in at $8.1 billion, versus $8.9 billion at the end of the third quarter.
- Common equity tier 1 capital ratio (CET1) — a metric of bank solvency — was 13.8% versus 13.5% in the previous quarter.
- Return on tangible equity — a metric of profitability — hit 12.9%, compared with 16.2% in the previous quarter.
The latest results are the first under the leadership of Ralph Hamers, who took over as the new chief executive officer on Nov. 1.
UBS shares are up around 3% since the start of the year.
This is a breaking news story and it is being updated.