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UBS Publishes Annual Report

Swiss banking giant UBS Group AG (UBS) published Annual Report 2017, which included the Letter to shareholders, key figures, UBS's evolution.

The company noted that Operating environment and strategy describes UBS's strategy, business divisions and Corporate Center, and the factors affecting UBS and its business model, including market climate, regulatory developments, significant future accounting and financial reporting changes and risk factor.

UBS net profit attributable to shareholders for 2017 was 1.1 billion Swiss francs and earnings per share were 0.27 francs. The 2017 results and the balance sheet as of 31 December 2017 differ from those presented in the unaudited fourth quarter 2017 report published on 22 January 2018 as a result of adjusting events after the reporting period. Provisions for litigation, regulatory and similar matters increased, which reduced 2017 operating profit before tax by 141 million francs, 2017 net profit attributable to shareholders by 112 million francs, and both basic and diluted earnings per share by CHF 0.03. The litigation note was updated for these and other events after the reporting period.

by RTT Staff Writer

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