If the institute had not set aside an additional $740 million for an ongoing tax case in France, the result would have been even better.
(Photo: dpa)
Zurich Thanks to the stock market boom in 2021, UBS has achieved its best result in 15 years. Profits climbed last year by 14 percent to $7.46 billion, as the largest Swiss bank announced on Tuesday.
According to a survey conducted by the bank itself, analysts had expected a surplus of $6.98 billion. If the institute had not set aside an additional $740 million for an ongoing tax case in France, the result would have been even better.
In doing so, UBS also surpassed the benchmark it had set itself. CEO Ralph Hamers has now prescribed more ambitious goals for the bank. He raised the target for the return on hard equity to 15 to 18 (previously 12 to 15) percent. In 2021, the institute already reached 17.5 percent. Hamers wants to achieve the improvement primarily through growth and not through cost reductions.
More: UBS buys US wealth managers – customers should get younger.
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