UBS Posts Higher Q4 Profit

posted a 5% gain in its net profit for the fourth quarter. UBS posted a quarterly net profit of 963 million Swiss francs ($1.04 billion), compared to 917 million francs, in the year-ago period. Analysts were expecting a profit of 937 million francs. The recent quarter included 493 million francs in net tax benefit. Its pretax operating profit at the wealth management business climbed 37% to 646 million francs in the quarter, while pretax operating profit at its investment bank surged 24% to 367 million francs. Retail & Corporate posted an adjusted profit before tax of CHF 356 million, while Global Asset Management reported an adjusted profit before tax of CHF 124 million in the quarter. UBS's Group Chief Executive Officer Sergio P. Ermotti said, "I am pleased with what we have achieved in 2014. The results are strong, our capital is strong and we've completed our strategic transformation, preparing us well for the future. While it's premature to draw a conclusion about the quarter, we've had a solid start to the year. This gives us additional confidence to propose a significant capital return to our shareholders." UBS shares fell 0.17% to close at $17.34 yesterday.