UBS posts $3.3bn 2012 profit

6 February 2013

UBS has unveiled a full-year adjusted pre-tax profit for 2012 of CHF 3 billion ($3.3 billion), while building up the company's wider financial strength, as it increased assets and deleveraged liabilities.

The bank's accelerated strategy has seen it increase its net full money total in its wealth management business by CHF 11.3 billion to CHF 46.9 billion, while 1.4 billion of cost savings have now been achieved since mid-2011.

The improved financial position has enabled the company to repurchase up to CHF 5 billion, enabling its future financing costs to fall further.

UBS was able to do this while taking more steps to meet its Basel III obligations, with its common equity tier 1 ratio up 310 basis points to 9.8 per cent, while its phase-in common equity tier 1 ratio was up 460 points to 15.3 per cent.

The company's fully applied risk-weighted assets dropped by CHF 122 billion over the course of the year.

By Tony Aynsley

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