UBS reported a drop in quarterly profit Tuesday, but beat analysts’ expectations and set ambitious new profitability targets as part of a strategic update.  Net income, in Q4, came in at $1.35 billion.

That was down from $1.64 billion a year earlier, and down from $2.28 billion in the previous quarter.   Analysts had forecast that UBS’s net income would be $863 million, according to a consensus forecast released by the bank.  

“The fourth quarter was a very good end to a record year, the best year in 15 years, both in terms of pre-tax earnings and after-tax earnings,” CEO Ralph Hamers told CNBC on Tuesday.  

“The marketplace business is holding up really well, operating income is up 11% year-over-year, we saw net new money in asset management at $16 billion and we saw $27 billion of fee-based assets coming into asset management.”  

According to the quarterly data, the bank reported full-year earnings of $7.46 billion, above the company’s consensus forecast of $6.98 billion and 14% higher than the prior year.