The company reported an operating profit before tax of $1.7bn for Q4 2021, a 13% decline compared to $1.9bn for the same quarter of 2020
UBS WMA Headquarters in Weehawken, NJ. (Credit: Arnapoli/Wikipedia.)
UBS has reported a net profit of $1.3bn, or $0.38 per diluted share, for the fourth quarter ended 31 December 2021, an 18% decrease compared to $1.6bn, or $0.44 per diluted share, for the same period the prior year.
The Swiss investment bank reported a net interest income of $1.7bn for the fourth quarter (Q4) 2021, a 9% increase compared to $1.6bn for the respective quarter last year.
Its operating expenses for the reported period were $7bn, which increased by 14% compared to $6.1bn for the fourth quarter of 2020.
The company has reported an operating profit before tax of $1.7bn for Q4 2021, a 13% decline compared to $1.9bn for the same quarter of 2020.
UBS said that ongoing cashflows and increased volume underlined the trust of its clients, and attributed its growth to favourable market conditions and investor sentiment.
UBS Group CEO Ralph Hamers said: “Our fourth quarter was a strong finish to a year of sustained growth. We continued to implement our strategy and build our global ecosystem.
“And we’ll carry that momentum forward as we deliver on our strategic plans and ambitious new targets. This success also allows us to propose a dividend of USD 0.50 per share for 2021.”
“In 2021, clients continued to put their trust in us and turned to us for our content, for our advice and for our solutions.”
UBS’ global wealth management business reported an operating profit before tax of $563m for Q4 2021, a 35% decrease compared to $864m for the same period in 2020.
The personal and corporate banking unit reported an operating profit before tax of $365m for Q4 2021, a 3% rise compared to $353m for the respective quarter in 2020.
Its asset management arm reported operating profit before tax of $334m for Q4 2021, a 16% decline compared to $401m for the same quarter prior year.
UBS’ investment bank unit reported an operating profit before tax of $713m for Q4 2021, a 35% increase compared to $529m for the same period in 2020.
Last month, UBS reached an agreement to acquire digital wealth management provider Wealthfront, for a cash consideration of $1.4bn.
The transaction is expected to close in the second half of 2022, subject to customary closing conditions, including regulatory approvals.