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.