Swiss banking giant UBS said on Tuesday its net profit soared last year despite the coronavirus crisis, boosted by its wealth management and investment divisions.

Net profit for 2020 was up 54 per cent at $6.6 billion (€5.4bn).
In the fourth quarter alone, profit jumped 137 per cent to $1.7 billion, surpassing forecasts by analysts quoted by the Swiss agency AWP who predicted a figure of around $977 million.

“It was a challenging year for our clients, for our colleagues, and for our communities alike, which makes these results even more gratifying,” CEO Ralph Hamers said in a company statement.

He highlighted double-digit growth in pre-tax profit in the Global Wealth Management and Asset Management division, and a 20 per cent return at its Investment Bank.

CEO Ralph Hamers highlighted double-digit growth in pre-tax profit in the Global Wealth Management and Asset Management division, and a 20% return at its Investment Bank

However, the group was cautious about the economic outlook.

“The growing numbers of COVID-19 infections and hospitalisations as well as lockdowns and similar measures imposed to control the pandemic add to existing concerns about the shape of the overall recovery and the severity and duration of the effects of the pandemic in certain economic sectors”, the statement said.