![Ralph Hamers, chief executive of UBS said the 2020 results 'clearly demonstrate the true strength of our franchise and the commitment of [UBS] employees'](https://s.wsj.net/public/resources/images/FN-AM470_UBSRal_M_20210126022553.jpg)
UBS kicked off the earnings season for European lenders with a profit boost of more than 200% in its investment bank, as chief executive Ralph Hamers promised to increase its share buyback programme.
The Swiss bank beat analyst expectations with pre-tax profits of $8.2bn for 2020, a 47% increase on the previous year as fourth-quarter earnings surged by 122%. While its prized wealth management unit was a key driver of improved performance, its investment bank posted profits of $2.5bn for the year, a 217% increase on 2019.
