UBS posts net profit of CHF6.2 billion

Swiss bank UBS has experienced a 79% surge in its profit. In its fourth-quarter report, released on Tuesday, the bank announced a net profit of CHF6.2 billion ($5.5 billion) in 2015 over the previous year.

Before tax, adjusted UBS Group profit for 2015 was CHF5.6 billion. Its wealth management arm’s pre-tax profit rose by 13% to CHF2.8 billion – its best annual figure since 2008.

Personal and corporate banking posted its best adjusted profit since 2010, with CHF1.7 billion.

The bank’s asset management department recorded a 20% year on year increase, bringing its pre-tax profit to CHF610 million. In addition, its investment bank achieved a 31% adjusted return on attributed equity – with a CHF2.3 billion profit.

“Despite a very challenging environment, we had an excellent year, both in terms of shareholder returns and strengthened client relationships. Going forward, we will continue with the disciplined execution of our strategy while investing for profitable and sustainable growth,” UBS CEO Sergio P Ermotti said in a press release.

In its fourth quarter, UBS says it also increased its commitment to help mitigate climate change by supporting renewable energy and clean-tech transactions – for example, by “not supporting certain coal-mining companies and limiting its lending and capital raising to the sector” and by securing 100% of its electricity from renewable sources by 2020.