UBS: taxable earnings up by a third in 2017
(CercleFinance.com) - UBS has announced FY 2017 pre-tax adjusted earnings that are up 19% at 6,335 million Swiss francs for 2017, with reported pre-tax profit that is up 32% at 5,409 million Swiss francs.
Net income attributable to shareholders reached 1,165 million Swiss francs, impacted by a net depreciation of deferred tax assets amounting to 2,865 million Swiss francs following the US tax reform. Without this depreciation, net income would have increased by 26% year-on-year.
The Swiss bank adds that it has achieved its target of making net cost savings of 2.1 billion Swiss francs on an annualised basis.
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Net income attributable to shareholders reached 1,165 million Swiss francs, impacted by a net depreciation of deferred tax assets amounting to 2,865 million Swiss francs following the US tax reform. Without this depreciation, net income would have increased by 26% year-on-year.
The Swiss bank adds that it has achieved its target of making net cost savings of 2.1 billion Swiss francs on an annualised basis.
Copyright (c) 2018 CercleFinance.com. All rights reserved.