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.