UBS posts 137% jump in fourth-quarter profit

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 forecast net income of $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.

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.



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