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      "text": "Refer to the \"Risk management and control\" section of this report for more information",
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      "text": "Profit before tax increased by USD 764 million, or 19%, to USD 4,783 million, driven by higher operating income, partly offset by higher operating expenses.",
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      "text": "Other income increased by USD 9 million to USD 168 million, primarily driven by a gain of USD 100 million related to the sale of our domestic wealth management business in Austria to LGT. 2020 included a gain of USD 60 million from the sale of a majority stake in Fondcenter AG (now Clearstream Fund Centre AG).",
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      "text": "Loans increased by USD 21.0 billion, or 10%, to USD 234.1 billion, primarily driven by net new loans of USD 25.1 billion, partly offset by USD 3.0 billion from negative foreign exchange effects and USD 1.1 billion from the reclassification of loans to disposal groups held for sale in connection with the upcoming sales of our domestic wealth management business in Spain and UBS Swiss Financial Advisers AG. Net new loans were largely driven by an increase in Lombard loans and mortgages. Loan penetration was stable at 7.1% in 2021.",
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      "text": "Net credit loss releases were USD 29 million, compared with net expenses of USD 88 million. Stage 1 and 2 credit loss releases were USD 28 million, largely resulting from a partial release of a post-model adjustment of USD 12 million during the year, as well as model updates. Stage 3 net credit loss releases were USD 1 million.",
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      "text": "Fee-generating assets increased by USD 205 billion, or 16%, to USD 1,482 billion, predominantly driven by net new fee-generating assets of USD 106.9 billion, with inflows across all regions, and net positive market performance and foreign currency effects of USD 98.0 billion.",
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      "text": "Net interest income increased by USD 217 million to USD 4,244 million, mostly reflecting growth in loan revenues from higher volumes and margins, partly offset by lower deposit revenues, mainly due to lower US dollar interest rates and despite higher deposit volumes.",
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      "text": "The cost / income ratio decreased to 75.5% from 76.0%, reflecting positive operating leverage.",
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      "text": "Transaction-based income increased by USD 260 million to USD 3,836 million, reflecting higher levels of client activity in the Americas, EMEA and Switzerland.",
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      "text": "Total operating expenses increased by USD 1,639 million to USD 14,665 million. This was mainly driven by an increase in financial advisor variable compensation, reflecting higher compensable revenues, and by the aforementioned USD 657 million increase in litigation provisions for the French cross-border matter.",
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