UBS 2017 Reported PBT Up 32% YoY To CHF 5.4bn

UBS delivered excellent full-year 2017 results with adjusted1 profit before tax up 19% year over year to CHF 6,335m and reported profit before tax up 32% to CHF 5,409m. Net profit attributable to shareholders was CHF 1,165m and included a CHF 2,865m net write-down of deferred tax assets (DTAs) following the enactment of the US Tax Cuts and Jobs Act (TCJA) in the fourth quarter of 2017, which had a negligible impact on UBS's fully applied CET1 capital. Excluding this net DTA write-down, net profit would have increased by 26% year over year. The Group achieved its CHF 2.1bn annualized net cost reduction target.