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Swiss bank UBS profits rise on tax benefit, investor inflows

Swiss bank UBS says more money from wealthy investors in Asia helped Q4 profits

Swiss bank UBS profits rise on tax benefit, investor inflows

FRANKFURT, Germany (AP) -- Swiss bank UBS says profits rose 5 percent in the fourth quarter as a tax benefit and new inflows from wealthy Asian investors boosted the bottom line.

The bank cautions however that the sharp rise in the Swiss franc -- which happened after the quarter ended -- would "put pressure on our profitability."

UBS said Tuesday it made 963 million francs ($1.04 billion) in the quarter, up from 917 million francs in the year-ago quarter.

The bank says it benefited from new money inflows from clients in Asia at its wealth management business, which serves high net worth individuals.

The bank also claims a net tax benefit of 493 million francs during the quarter.

The Swiss franc rose sharply in January after the Swiss central bank stopped capping its value relative to the euro.


Updated : 2021-09-28 22:49 GMT+08:00