The Swiss bank UBS reported a net profit of 1.2 billion Swiss francs ($1.25 billion) for the whole of 2017, weighed down by a writedown in the fourth quarter that related to the new U.S. tax overhaul.

The consensus from a Reuters poll was for a figure of 1.257 billion Swiss francs, below the 2016 number of 3.3 billion Swiss francs and below the 2015 figure of 6.2 billion Swiss francs.

“2017 was an excellent year for us. We delivered stronger financial results and met our net cost reduction target,” Sergio Ermotti, the group’s chief executive officer, said in a statement.

“Greater regulatory clarity means we can open a new chapter for UBS, allowing us to sharpen our focus on growth across our businesses, make further investments in technology and deliver attractive returns to shareholders,” he added.

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