UBS has reported a net profit attributable to shareholders of $770m for the fourth quarter of 2024 (Q4 2024), compared with a loss of $279m in the same quarter a year ago.
The Swiss bank’s total revenues increased 7% over this period, to $11.63bn in Q4 2024 from $10.86bn in Q3 2024.
Its global wealth management unit contributed $6.12bn to revenues in Q4 2024, while asset management revenues were $766m for the quarter.
Operating expenses were $10.36bn for the three-month-period ended 31 December 2024, down 10% from $11.47bn in the prior year.
UBS’ cost/income ratio improved to 89% in Q4 2024, as against 105.7% in Q4 2023.
In Q4 2024, the Zurich-based bank also realised a further $700m in gross cost savings, while cutting down its risk weighted assets by $3bn to $41bn.
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By GlobalData
UBS logged a net income of $5.08bn for the full year of 2024, versus $27.37bn a year ago, while total revenues soared 19% year-on-year to $48.61bn.
It closed the year with a CET 1 capital ratio of 14.3%.
Besides, the bank unveiled plans to buy back $1bn of shares in the first half of this year, followed by another $2bn in the second half.
It also proposed a $0.90 a share dividend payout for 2024, a 29% rise year-over-year.
The bank further highlighted that it is “increasingly confident” about concluding its Credit Suisse integration by the end of 2026 and is on track to attain $13bn gross cost cuts reductions by the end of next year.
UBS Group CEO Sergio Ermotti said: “Our strong full-year performance reflects our unwavering commitment to serving our clients, the strength of our diversified global franchise and the progress we have made on the integration.
“Throughout 2024, we maintained robust momentum as we captured growth in global wealth and asset management and gained market share in the investment bank in the areas where we have made strategic investments.”
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