UBS, a Swiss bank, has posted better-than-expected profits for the fourth quarter of 2019. The wealth management unit brought in $23.3 billion in new client money during this period which helped to contribute to the impressive figures.
Net profit came out at $1.65 billion for the three months ending December 31st; an increase from the same period a year earlier when it was reported as $1.35 billion – exceeding expectations of analysts who had predicted net profit would reach around 1.5billion dollars instead.
The increased income is attributed largely to UBS’s wealth management division, which saw inflows of 23$3bn over this time frame and also enjoyed higher margins due to improved market conditions and cost cutting measures that have been implemented by UBS since 2018. These factors combined with strong performances across its other divisions including investment banking meant that overall profits were significantly higher than expected despite challenging economic times worldwide last year.