• Adjusted profit before tax CHF 6.3bn, +19% YoY; adjusted1 return on tangible equity excluding DTAs2 14.1%
• Net profit attributable to shareholders CHF 1.2bn, CHF 2.9bn net write-down of DTAs related to US tax law changes
• CHF 4.1bn adjusted1 profit before tax in Global Wealth Management, +14% YoY
• CHF 103bn net new money and CHF 366bn increase in invested assets in our wealth and asset management businesses
• Fully applied CET1 capital ratio 13.8% and CET1 leverage ratio 3.7%
• 2017 ordinary dividend CHF 0.65 per share proposed, +8% YoY; initiating 3-year share buyback program of up to CHF 2 billion, including up to CHF 550m in 2018
• Financial targets and flexible capital returns policy set for 2018-2020
• Creates unified Global Wealth Management division

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.

UBS’s capital position is very strong, with a fully applied CET1 capital ratio of 13.8%, a CET1 leverage ratio of 3.7% and total loss-absorbing capacity of CHF 78bn.

"2017 was an excellent year for us. We delivered stronger financial results and met our net cost reduction target. Greater regulatory clarity means we can open a new chapter for UBS, allowing us to sharpen our focus on growth across our businesses, make further investments in technology and deliver attractive returns to shareholders." Sergio P. Ermotti, Group Chief Executive Officer.

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