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UBS experiences earnings leap 137% however has issues concerning the financial restoration

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The logo of the Swiss banking giant UBS engraved on the wall can be seen on May 8, 2019 at the headquarters in Zurich.

Fabrice Coffrini | AFP | Getty Images

LONDON – UBS, the world's largest asset manager, reported net income of $ 1.71 billion for the fourth quarter of 2020, up 137% year over year.

According to Refinitiv, analysts had expected an income of 967 million US dollars for the three-month period. It did so after the Swiss bank reported net income of $ 2.1 billion in the third quarter of last year.

Double-digit earnings growth in Wealth Management and Asset Management at UBS contributed to quarterly performance.

Here are some other important metrics from the results:

Operating income was $ 8.1 billion compared to $ 8.9 billion at the end of the third quarter. The common equity ratio (CET1) – an indicator for the solvency of banks – was 13.8% compared to 13.5% in the previous quarter – an indicator for profitability – reached 12.9% compared to 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 November 1.

The UBS share has risen by around 3% since the beginning of the year.

This is a breaking news item that will be updated.

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Katherine Clark