Friday, January 27, 2017

The profit of the swiss bank UBS sinks 47% – Express

The financial group UBS obtained in 2016 a net profit of 3.3 billion swiss francs (equivalent to 3,08 billion euros), a value that is 47% below the profit achieved in 2015.

Considering just the fourth quarter, the profit of the UBS from October to December amounted to 738 million swiss francs (689 million euros), becoming a 10.8% below the previous quarter and 22.2% below the profit in the same quarter of 2015.

The result before taxes was an improvement in the fourth quarter, compared with the same period of the previous year, but in the set of 2016 was still below the result obtained in 2015.

UBS notes that 2016 was a year with “market conditions very challenging and uncertain geopolitical and macroeconomic”, but still achieved “solid results”. The year was marked by the costs of litigation and regulatory issues, but also expenses of the group’s restructuring.

The swiss bank emphasizes that succeeded in the past year to intensify the cost cutting program, saving in 2016, about 1.6 billion swiss francs (nearly € 1.5 billion).


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