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.