ZURICH (Reuters) - Switzerland’s biggest bank, UBS, on Friday reported a nearly $400 million boost to its litigation provisions following a French court ruling which slapped UBS with a 4.5 billion euro ($5.09 billion) penalty last month.
UBS, which is appealing the ruling and has said it expects an appeals court to reverse the prior ruling, in its annual report showed total group-wide litigation provisions of $2.83 billion, up from $2.45 billion initially reported for end-2018.
The added litigation provisions reduced the bank’s 2018 net profit to $4.5 billion from the $4.9 billion reported in late January.
($1 = 0.8837 euros)
Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields