UBS Swings To Q4 Profit

Switzerland's bank UBS AG UBS swung to a profit in the fourth quarter. UBS posted its quarterly earnings of 917 million francs ($1 billion), versus a year-ago loss of 1.9 billion francs. The bank posted a pre-tax operating profit of 449 million francs, from a year-ago loss of 1.84 billion-franc. The bank's full-year net profit came in at 3.17 billion francs, compared to a loss of 2.48 billion francs. UBS shares closed at $19.22 yesterday.