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Cash in on pandemics: Switzerland's largest bank increased its annual profit by 54%

Europe / Business and Finance

UBS Bank, the world's largest wealth manager, derives most of its profits from advising and managing the money of the world's richest people.

Cash in on pandemics: Switzerland's largest bank increased its annual profit by 54%

Switzerland's largest bank attracted $ 21.1 billion in new deposits from wealthy clients during the pandemic, helping the division increase its invested assets to $ 3 trillion. UBS reported on Tuesday that its fourth-quarter net income rose 137% to $ 1.708 billion and reported a 54% rise in net income for 2020 as a whole.

The bank said its incredible income during the coronavirus pandemic came from active lending and trade between its wealthy and ultra-wealthy clients, coupled with a surge in investment banking.

Banks around the world have faced uneven impacts from the COVID-19 pandemic as surging stock markets spurred trade while national locks have had devastating economic impact, forcing lenders to prepare for an impending default.

Earlier this month, Wall Street lenders focused on trading and investment banking posted blockbuster results, while consumer-focused banks, including Bank of America, were hit by falling revenues.

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