UBS annual profits jump to $4.9 billion

  • News Digest
ZURICH

Jan 23, 2019-

Swiss banking giant UBS saw its net profits leap by almost five times last year to $4.9 billion (4.3 billion euros) despite “challenging conditions,” it said on Tuesday. UBS’ 2017 results were hammered by US tax reforms that forced banks that operate in the United States to book substantial one-time losses in the final quarter of that year, but which were expected to be mostly favourable beyond that. Excluding the impact of changes in US tax laws, UBS net income for 2018 as a whole was still up by 25 percent from the previous year. “I want to thank all UBS employees for a very successful 2018 in overall challenging conditions,” chief executive Sergio P. Ermotti said in a statement. (AFP)

Published: 23-01-2019 11:15

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