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UBS Group

Mixed Q4 and improved FY18 figures

Pre-tax profit increased by 2% to $862m for Q4 18 compared to Q4 17. Total operating income was down by 3% to $7.0bn for Q4 18 compared to Q4 17. Total operating expenses declined by 4% to $6.1bn compared to Q4 17. UBS reported a net profit attributable to shareholders of $696m for Q4 18. UBS reported a loss of $2.4bn for Q4 17 due to a booked charge of $2.9bn on DTA (deferred tax assets) by the US tax reforms. Net new money outflow was close to $13bn for Q4 18. UBS released preliminary figures for FY2018 too. Pre-tax profit rose by 19% to $6.4bn for FY2018 versus FY2017. Total operating income was up by 2% to $30.2bn for FY2018. Total operating expenses decreased by 2% to $23.8bn for FY2018 compared to FY2017. Personnel expenses were flat at $16.1bn in the same period. The charge of CHF2.9bn on DTAs by the US tax reforms, booked in Q4 17, burdened FY2017 as well. Net profit attributable to shareholders was $4.9bn for FY2018 compared to $969m for FY2017. It rose by 25% for FY2018 compared to adjusted FY2017. The RoE was 9.3% for FY2018 versus 1.8% for FY2017. Adjusted RoTE (return on tangible equity), was 13.8% for FY2018 compared to 13.7% for 2017 excluding DTAs. Net new money inflow was $57bn in FY2018 compared to CHF103bn in FY2017. Invested assets were down by 5% to $3.1tn at the end of 2018 compared to the end of 2017. UBS’s fully-applied Basel III common equity tier 1 (CET1) ratio was 13.1% at the end of 2018 compared to 13.8% at the end of 2017. The fully-applied CET1 leverage ratio was 3.81% at the end of 2018 compared to 3.69% at the end of 2017. The proposed ordinary dividend for FY2018 increased by 8% to CHF0.70 per share. UBS is targeting to repurchase up to $1bn of shares in 2019. Beginning in Q4 18, UBS changed its presentation currency to US dollars following changes in the functional currencies of UBS (formerly CHF). However, the impact is negligible as the current $/CHF exchange ratio is 1.00.

  • 22 Jan 19
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