The personal and corporate banking division of Swiss lender UBS has reported an operating profit before tax of CHF355m in the fourth quarter of 2015, up 4.4% compared to CHF340m in the year-ago quarter.
The unit’s adjusted profit before tax for the fourth quarter was CHF396m, the bank said in its earnings statement.
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Total operating income increased 0.2% year-on-year to CHF915m. Net interest income stood at CHF576m, up 3.4% compared to CHF557m in the fourth quarter of 2014.
Total operating expenses dropped 2.2% to CHF560m from CHF573m a year earlier.
Overall, the banking group posted an attributable net profit of EUR949m, up 10.6 % compared to CHF858m a year ago.
UBS CEO Sergio Ermotti said: "The fourth quarter is a good demonstration of our discipline. We were not tempted to take more risks or buy unprofitable net new money to offset seasonal effects and challenging market conditions."
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