The bank, UBS, made a profit of nearly USD 8bn last year, around CHF 6bn, comfortably beating analysts’ expectations.
The bank’s head, Sergio Ermotti, called it an excellent result, marking a sharp increase on the previous year.
Shareholders are set to benefit, with UBS proposing a higher dividend of $1.10 per share.
Assets under management have also topped 7 trillion dollars for the first time.
10m initiative may lead to retirement age rise
Supporters of the Swiss People’s Party’s “10 million Switzerland” initiative are facing criticism after admitting that restricting immigration could eventually lead to a higher retirement age.
Canton Zug no longer the best tax haven
Lucerne is set to overtake Zug as Switzerland’s most attractive canton for corporate taxation in 2026, according to a new analysis by consulting firm PwC.
Geneva slammed by European court
Canton Geneva has been condemned by the European Court of Human Rights over the handling of a protest organiser fined after a Women’s Day demonstration in 2019.
Online retailers must have a Swiss office
The lower house of parliament has backed a proposal to require major foreign online retailers to appoint a legal representative in the country.
Fewer shops more restaurants in city centres
City centres are undergoing a major transformation, with traditional retail increasingly giving way to restaurants and service businesses.
14 kg of cocaine seized
Customs officers have seized 14 kilos of cocaine during a vehicle inspection in canton Basel-Country.
