UBS profit up 11% for 4Q 2015

UBS - 4Q15 net profit of CHF 949m ($931.5m), up 11% YoY, helped by a tax benefit that countered pressure on the Swiss bank's flagship wealth-management unit. However, the bank warned that volatile markets, low interest rates and a strong Swiss franc will continue to present issues.

LONDON — The Swiss bank UBS said Tuesday that its profit rose 11 percent in the fourth quarter, bolstered primarily by a tax benefit, as uncertainty in the markets weighed on the results of its wealth management and investment banking businesses.

The bank, based in Zurich, reported a profit of 949 million Swiss francs, or about $929 million, for the three months that ended Dec. 31. That is an increase from 858 million francs in the period a year earlier.

UBS said the period was “characterized by very low levels of client activity and pronounced risk aversion” by its customers.

The fourth quarter included a tax-related gain of 715 million francs, alongside 365 million francs in charges for litigation and regulatory matters and a 257 million francs charge to repurchase debt.