Swiss bank UBS reported a jump in full-year profits on Tuesday, but missed analyst estimates as it noted outflows from its wealth management division.

The bank's net profit attributable to shareholders for 2018 came in at $4.897 billion, as compared to its 2017 figure of $969 million when a U.S. tax reforms dampened results. Five analysts polled by Reuters had forecast a net profit of $4.906 billion for 2018.

"We have seen sine normalization in markets early in 2019, we will stay focused on balancing efficiency and investments for growth, in order to keep delivering our capital return objectives while creating sustainable long-term value for shareholders," Sergio Ermotti, UBS chief executive officer, said in a statement Tuesday.

UBS also announced it was aiming to purchase $1 billion of its shares in 2019, above the 2018 amount of $751 million.

The Swiss bank reported nearly $8 billion in wealth management outflows during the fourth quarter, and said lower invested assets will affect recurring revenues in that division.