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  "documentTitle": "ubs best of switzerland conference presentation",
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      "text": "Profit before tax increased by CHF 412 million, or 35%, to CHF 1,587 million, reflecting higher operating income, partly offset by higher operating expenses.",
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      "text": "Profit before tax: CHF 1,587 million",
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      "text": "Net credit loss releases were CHF 79 million, compared with net expenses of CHF 243 million. Stage 1 and 2 credit loss releases were CHF 57 million. Stage 3 net releases were CHF 23 million, which included expenses of CHF 54 million related to fraud.",
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      "text": "Operating income: Total operating income increased by CHF 577 million, or 17%, to CHF 3,984 million, reflecting net credit loss expenses in the prior year, as well as increases across all income lines.",
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      "text": "Results: Profit before tax increased by CHF 412 million, or 35%, to CHF 1,587 million, reflecting higher operating income, partly offset by higher operating expenses.",
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      "text": "Operating expenses: Total operating expenses increased by CHF 164 million, or 7%, to CHF 2,397 million, mostly driven by a CHF 76 million (USD 83 million) increase in litigation provisions and higher investments in technology.",
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      "text": "Cost / income ratio: The cost / income ratio slightly increased to 61.4% from 61.2%, reflecting higher operating expenses, partly offset by higher income.",
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      "text": "Net interest income increased by CHF 25 million to CHF 1,941 million, mainly driven by proactive deposit management. Recurring net fee income increased by CHF 98 million to CHF 774 million, primarily driven by higher custody, mandate and investment fund fees.",
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      "text": "Transaction-based income increased by CHF 94 million to CHF 1,079 million, largely driven by higher revenues from credit card and foreign exchange transactions. Other income increased by CHF 36 million to CHF 110 million.",
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