UBS joins Deutsche in 76 percent net profit loss

Switzerland’s biggest lender by assets, UBS AG, announced on Tuesday a 76 percent fall year-on-year in net profits for the fourth quarter of 2011 in the wake of its $2bn rogue trading scandal last year.

Figures fell to SFr393m for the quarter compared to a SFR1.66bn a year earlier, and were below analyst’s average estimates of SFr739m.

UBS’s investment banking arm posted the biggest losses amid challenging economic circumstances, plunging to a pre-tax loss of SFr256m from a SFr100m profit a year earlier.

The bank says it foresees “headwinds” for growth in the early part of 2012 due to the bloc’s sovereign debt crisis and prolonged ambiguity concerning the global economy.

The news comes only a week after Deutsche Bank reported a 76 percent decline in fourth quarter profits.


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