ZURICH, Jan 21 (Reuters) - UBS cut key profitability targets as it grapples with ultra-low interest rates and increased competition for wealthy clients while reporting a 129% increase in fourth-quarter net profit on Tuesday.
The jump in fourth-quarter earnings was bolstered by the comparison with the final months of 2018, when a market rout hurt profits.
The Swiss bank said it would now target a 12-15% return on core capital (RoCET1) and a reported 75-78% cost/income ratio through 2022 after missing both ambitions in 2019. Its RoCET1 last year was 12.4% while its reported cost/income ratio was 80.5%. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)