UBS reports Q4 EPS 25c, consensus 26c
Reports Q4 book value per share $14.45. Reports Q4 CET1 capital ratio 13.1%. Commenting on Q4, Group CEO Sergio Ermotti said: "The strength of our strategic choices and diversified franchise once again came through in the fourth quarter, as we delivered a resilient performance despite historically tough market conditions." Ermotti continued, "As previously disclosed, during the fourth quarter of 2018, UBS reviewed its approach to periodic remeasurements of its deferred tax assets, or DTAs, and the timing for recognizing deferred taxes in the income statement. As a result of this review, changes were implemented that resulted in the recognition of a net tax benefit of $275M through the income statement. Tax-loss DTAs recorded in the U.S. intermediate holding company tax group will begin to be amortized with effect from January 1, 2019. For 2019, UBS expects a full-year tax rate of approximately 25%."