UBS Reports Unexpectedly High Profits

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UBS reported that its fourth-quarter profit went up 12% to 2.02 billion Swiss francs (US$1.79 billion).

The higher profits were a product of higher revenue from equity trading as well as income from fees on securities managed for clients.

“We have a positive outlook for ’05,” said CFO Clive Standish.

“The market already expected a strong set of UBS numbers but UBS achieved (a result) to top even the high expectations,” said Julius Baer analysts.

“We’ve set a high bar for ’05. Whether we can exceed will also depend on the development of world markets,” said UBS CEO Peter Wuffli.

UBS shares have went up almost 5% this year.

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UBS Reports Unexpectedly High Profits
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