WATCH: UBS shares surged after the bank reported its best profits since before the global financial crisis, partly thanks to robust trading activity by ultra-wealthy clients
on Tuesday reported its best annual profit since the global financial crisis, emboldening it to hike share buybacks and set more ambitious profit goals as it banks that more digital products will result in hefty cost-savings.In its first major strategic review since Chief Executive Ralph Hamers took the helm in November 2020, UBS said it wants to use technology to help it increase revenues and reach more customers in the years ahead, while also continuing to bring costs down.
Buoyed by robust trading activity from ultra-wealthy clients as well as dealmaking, UBS's net profit for 2021 surged 14% to $7.5 billion, its strongest performance since 2006 and better than a consensus estimate of around $7 billion from analysts compiled by the bank. "We find 4Q21 results strong, continuing to show good revenue momentum across the board, while cost control was also impressive this quarter," Jefferies analysts said in a note.
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