UBS fourth-quarter net profit fell from the equivalent period in 2015 but still surpassed analyst expectations with the Swiss bank on Friday blaming macroeconomics and geopolitics for negatively impacting client sentiment and trading volumes.
Switzerland's largest bank delivered 738 million Swiss francs ($737.3 million) of fourth-quarter net profit, coming in short of last year's comparable 949 Swiss francs, but clearly ahead of a Reuters consensus forecast of 339 million Swiss francs. The higher figure delivered during the same quarter of 2015 had benefited from a net tax benefit of 715 million Swiss francs.
The results on Friday meant that total net profit for 2016 came in at 3.3 billion Swiss francs, a near halving from the 6.2 billion reported last year. On Friday, the company confirmed an unchanged ordinary dividend of 0.60 Swiss francs per share for 2016, in line with expectations.