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Tuesday, February 09, 2010
UBS Back To Profit As Outflows Continue
By Steve Goldstein
MarketWatch Pulse
LONDON -- Swiss banking giant UBS said it swung to a fourth-quarter profit of 1.21 billion Swiss francs ($1.12 billion), after losing 9.56 billion francs in the prior year period. Lowest costs and a 480 million franc tax credit helped the group turn to profitability, and analysts had anticipated a 426 million franc profit. But it saw outflows of 56.2 billion francs during the period, which wasn't as steep as the 85.8 billion francs in the prior year period but worse than the 36.7 billion francs in the third quarter. UBS is confident that the measures it is taking to address the causes of client asset outflows will be effective, but in the immediate future still expects to report outflows, with some pressure on margins. Client activity in investment banking was "high" in January and it sees a better performance as residual risk will have a smaller impact.
Copyright © 2010 MarketWatch, Inc.
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