The Swiss bank UBS reported a net profit of 1.165 billion Swiss francs ($1.25 billion) for the whole of 2017, weighed down by a writedown in the fourth quarter that related to the new U.S. tax overhaul.
The consensus from a Reuters poll was for a figure of 1.257 billion Swiss francs, below the 2016 number of 3.3 billion Swiss francs and below the 2015 figure of 6.2 billion Swiss francs.
"2017 was an excellent year for us. We delivered stronger financial results and met our net cost reduction target," Sergio Ermotti, the group's chief executive officer, said in a statement.
Speaking to CNBC about the results, Ermotti said the highlight of the year was more clarity on international banking regulation, and the fact that the bank reduced its litigation portfolio further.
"We are now in a position to continue and implement our attractive capital return policy, we increased our ordinary dividend and announcing (a) share buyback program," Ermotti told CNBC.