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UBS on track to achieve cost targets as FY'16 income dips

UBS Group AG said it is on track to achieve a target of CHF2.1 billion in annualized cost savings by the end of 2017 as it reported net profit attributable to shareholders of CHF738 million for the fourth quarter of 2016, down from CHF949 million in the year-ago period.

The group said it achieved CHF1.6 billion of annualized cost savings as of Dec. 31, 2016, up from CHF1.1 billion a year ago. Group CEO Sergio Ermotti said UBS generated more than CHF40 billion in net new money in its wealth management business despite "persistent client risk aversion and substantial cross-border outflows."

For full year 2016, attributable profit fell to CHF3.31 billion from CHF6.20 billion in 2015.