UBS Group AG reported consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported operating income of CHF 7,055 million compared to CHF 6,775 million a year ago. Operating profit before tax was CHF 848 million compared to CHF 234 million a year ago. Net profit attributable to company shareholders was CHF 738 million or CHF 0.19 per diluted share compared to CHF 949 million or CHF 0.25 per diluted share a year ago. Return on tangible equity was 6.5% compared to 8.1% a year ago. Return on assets was 3.0% compared to 2.8% a year ago. Return on equity was 5.5% compared to 6.9% a year ago. Total book value per share was CHF 14.75 compared to CHF 13.94 a year ago. Tangible book value per share was CHF 13.00 compared to CHF 12.14 a year ago. Adjusted profit before tax was CHF 1,105 million. Adjusted return on tangible equity was 9.2%.

For the year, the company reported operating income of CHF 28,320 million compared to CHF 30,605 million a year ago. Operating profit before tax was CHF 4,192 million compared to CHF 5,489 million a year ago. Net profit attributable to company shareholders was CHF 3,306 million or CHF 0.86 per diluted share compared to CHF 6,203 million or CHF 1.64 per diluted share a year ago. Return on tangible equity was 7.2% compared to 13.7% a year ago. Return on assets was 3.0% compared to 3.1% a year ago. Return on equity was 6.1% compared to 11.8% a year ago. Adjusted operating income was CHF 29,526 million compared to CHF 27,696 million a year ago. Adjusted operating profit before tax was CHF 5,635 million compared to CHF 2,766 million a year ago.

For 2017, the company forecasts a full-year tax rate of approximately 25%, excluding the effects on the tax rate of any change in the level of deferred tax assets resulting from reassessment or any statutory tax rate changes.