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PHOTO FILE: Employees of the Swiss bank UBS take photos while actor Johnny Depp (not seen) goes after a debate on the podium at the 14th International Film Festival. Zurich, Switzerland, October 5, 2018. REUTERS / Arnd Wiegmann / File Photo
ZURICH (Reuters) – Switzerland's largest bank, UBS, announced Friday an increase of nearly $ 400 million in its litigation provisions following the decision of a French court which had imposed a fine of 4, 5 billion euros at UBS last month.
UBS, which is appealing the ruling and has stated that it expects a court of appeal to reverse its decision, said in its annual report that its total litigation provisions are in full force. amounted to $ 2.83 billion, compared to $ 2.45 billion originally announced for the end of 2018.
The addition of litigation provisions reduced the bank's net income for 2018 to $ 4.5 billion from $ 4.9 billion at the end of January.
Report by Brenna Hughes Neghaiwi; Edited by Michael Shields
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