UBS Group AG UBS reported a fourth-quarter 2024 net profit attributable to shareholders of $770 million against a net loss of $279 million in the prior-year quarter.

Results were driven by the strong performances of the Global Wealth Management, Asset Management and Investment Bank divisions. The decrease in operating expenses was another positive. However, an increase in credit loss expenses was a headwind.

For 2024, the company reported a net profit attributable to shareholders of $5.09 billion compared with a net profit of $27.4 billion in the prior-year quarter.

The company’s fourth-quarter total revenues jumped 7% year over year to $11.6 billion.

For the year, the company’s revenues rose 19% year over year to $48.6 billion.

Operating expenses decreased 10% year over year to $10.4 billion.

UBS Group reported total credit loss expenses of $229 million, which surged 68% from the year-ago quarter.

Global Wealth Management’s fourth-quarter operating profit before tax was $867 million, up from $280 million in the year-ago quarter.

Asset Management’s operating profit before tax was $128 million, up 4.9% from the year-ago quarter.

Personal & Corporate Banking reported operating profit before tax of $595 million, down 0.1% year over year.

The Investment Bank unit reported an operating profit before tax of $479 million against the operating loss of $190 million in the year-ago quarter.

Non-Core & Legacy incurred an operating loss before tax of $923 million in the reported quarter compared with a loss of $1.6 billion in the year-ago quarter.

Group Items reported an operating loss before tax of $100 million against a profit of $93 million in the year-ago quarter.

Total assets fell 3.6% from the previous quarter’s end to $1.57 trillion.

UBS’ return on Common Equity Tier 1 (CET1) capital was 4.2% as of Dec. 31, 2024, against negative 1.4% as of Dec. 31, 2023.

The risk-weighted assets declined 8.7% year over year to $498.5 billion.

The CET1 capital declined 8.5% year over year to $71.4 billion. As of Dec. 31, 2024, UBS’ invested assets were $6.1 trillion, up 7% year over year.