UBS announces Q4 profits

by Richard Kilner

Story link: UBS announces Q4 profits

Swiss investment bank UBS has reported its financial results for the fourth quarter of 2009.

For the fourth quarter the bank made net attributable income of CHF 1,205m, with every business division managing to achieve a pre-tax profit in Q4.

The profit margin marks a remarkable turn-around from the CHF 564m net loss incurred in Q3 2009, with a loss of CHF 3.4bn incurred in the first half of 2009.

The fourth quarter also saw the firm reduce costs and the cost of credit.

In addition, headcount has been slashed by 16% to 65,233, roughly in line with the firm’s 65,000 target for 2010.

Group Chief Executive Officer Oswald J. Grübel said that the results showed that the firm had moved on from the crisis of early 2009 to return to profitability.

Grübel went on to say that UBS was now more focused, efficient and resilient, and had strengthened its capital position.