8 Feb 2012

UBS profit well down

8:09 am on 8 February 2012

Profits at UBS slumped by 76% in its latest quarterly results.

Net income for the last three months of 2011 were 393 million Swiss francs ($US430 million), down from 1.7 billion francs a year ago.

The Swiss bank warned that business in the coming three months was also likely to disappoint as the eurozone debt crisis continues.

Profits for the full year of 4.2 billion francs were down 44% from 2010.

UBS has never fully recovered from the financial crisis, when it had to be rescued by the Swiss government.

The BBC reports the bank took heavy losses during the 2007-09 financial crisis and recession, reporting a total loss of 39 billion francs during the period.

Last year, it lost a further 2 billion francs due to a rogue trader.