UBS swings to Q4 net profit of $1B

UBS (UBS) swung to a Q4 net profit of 917M Swiss francs ($1B) from a loss of 1.9B francs a year earlier and slayed consensus of 354M francs, with the bank enjoying a 470M franc benefit from deferring its taxes. The Q4 2012 results were hit by massive fines.

Adjusted pretax profit 755M francs.

The core wealth-management business attracted net new money of 5.8B francs, more than double than in Q4 2012. Pretax profit at the unit increased 18% to 471M francs.

Investment bank pretax operating profit 297M francs vs a loss of 243M francs. Asset management -12% to 130M francs.

UBS to pay dividend of 0.25 Swiss franc for the year vs 0.15 franc for 2012.

Switzerland's financial regulator Finma has cut the amount of capital that the bank has to hold against risk-weighted assets to 5B francs from 28B francs. The requirement is designed to protect UBS from "unknown" future litigation and other matters. (PR)

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