Economy

UBS Reports Strong Fourth Quarter Profits, Turning Losses Into $770 Million Gain

UBS Reports Profitable Fourth Quarter

UBS Group has announced a return to profitability in the fourth quarter, surpassing expectations after facing losses during the same period last year.

In the fourth quarter, UBS achieved a net profit of $770 million, equivalent to $0.23 per share, a significant turnaround from the $279 million loss, or $0.09 per share, recorded in the previous year.

Before taxes, the bank reported earnings totaling $1 billion.

Additionally, total revenue for the fourth quarter rose by 7% to $11.64 billion, compared to $10.86 billion in the prior year. Notably, UBS also saw a 12% increase in net interest income, which amounted to $1.84 billion last year.

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