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UBS beats forecasts on tax gain, fewer risks

By Katharina Bart ZURICH (Reuters) - Switzerland's UBS <UBSN.VX> swung to a larger-than-expected fourth-quarter profit on Tuesday and announced higher dividends and bonuses, some reward for bucking trends to shrink its investment bank and reduce riskier activities.

UBS bank reports huge switch back into profit

Swiss bank UBS, in the midst of a refocusing of its activities, reported a huge switch back into profit last year and accelerating performance in the last quarter, in a statement on Tuesday. The bank took huge losses from the financial crisis and, in common with Swiss banks in general, is having to adjust to a new Swiss banking climate on many fronts and notably owing to an opening up of Swiss banking secrecy. Last year it made a net profit of 3.2 billion Swiss francs (2.5 billion euros, ($3.38 billion) from a loss of 2.4 billion francs in 2012.

UBS bank reports huge switch back into profit

Swiss bank UBS, in the midst of a refocusing of its activities, reported a huge switch back into profit last year and accelerating performance in the last quarter, in a statement on Tuesday. The bank took huge losses from the financial crisis and, in common with Swiss banks in general, is having to adjust to a new Swiss banking climate on many fronts and notably owing to an opening up of Swiss banking secrecy. Last year it made a net profit of 3.2 billion Swiss francs (2.5 billion euros, ($3.38 billion) from a loss of 2.4 billion francs in 2012.

UBS: No credit tightening yet in China

SHANGHAI, Dec. 11 (Xinhua) -- China's whole year new RMB lending is likely to reach 9 trillion yuan (1.5 trillion U.S. dollars), while total social financing (TSF) may exceed 17 trillion yuan, UBS said in a note on Wednesday. "No credit tightening yet," wrote Wang Tao, chief China economist at UBS. China's new RMB lending and total social financing in November both beat market expectations. New TSF stood at 1.23 trillion, 370 billion more than in October. UBS expected outstanding TSF to grow 18.5 percent in 2013.

After scandals, regulator orders UBS to boost balance sheet

Following a string of scandals, a Swiss regulator has ordered the country's biggest bank, UBS, to significantly increase the cash it has available to deal with legal and compliance issues. FINMA, the Swiss financial market regulator, had ordered the banking behemoth to temporarily increase by 50 percent the capital it sets aside to deal with operational risks, including unexpected legal cases.

UBS ordered to boost balance sheet, results disappoint

Swiss banking behemoth UBS is under regulatory orders to increase its cash holdings, the bank said on Tuesday when it published disappointing third-quarter results and saw its stock price plummet. FINMA, the regulatory arm of the Swiss stock exchange, had ordered UBS to as from October 1 temporarily to increase by 50 percent the capital it sets aside to deal with unexpected legal and compliance issues, the bank said. This instruction also related to other operational risks, it said.

UBS disappoints despite profit boost

Swiss banking behemoth UBS said on Tuesday it had swung into profit in the third quarter, but missed analyst expectations and a regulator said it must strengthen its balance sheet. The bank, which is in the midst of a massive restructuring after turmoil during the financial crisis, posted a third-quarter net profit of 577 million Swiss francs (467 million euros, $644 million), from a 2.1-billion-franc loss a year earlier. But operating profit slipped slightly to 6.2 billion Swiss francs.

UBS defers key return target on extra capital demands

ZURICH (Reuters) - Swiss bank UBS <UBSN.VX> said on Tuesday it would defer a key earnings target by at least a year because of temporary demands to hold extra capital, dampening better-than-expected third quarter results that saw the bank swing to profit. The Zurich-based bank last October said it would cut spending, let go 10,000 staff, and largely withdraw from its fixed income business by 2015 as part of a restructuring drive to return to profitability levels demanded by investors.

Swiss stock exchange opens probe into UBS statements

The operator of the Swiss stock exchange said Thursday it had opened an investigation into the country's largest bank, UBS, which is suspected of violating financial reporting rules. The exchange operator and regulation authority SIX Swiss Exchange said UBS issued two statements late last year that may have breached rules on how listed companies should release potentially price-sensitive facts that could significantly sway their share price.

UBS to repay Swiss bailout loan, cautious on third-quarter

By Katharina Bart ZURICH (Reuters) - UBS <UBSN.VX> will repay a loan and buy back equity in a fund set up as part of its 2008 bailout, a move the Swiss bank said on Tuesday would bolster its capital later this year. The move draws a line under the Swiss government's rescue of UBS nearly five years after the bank threatened to collapse under the weight of more than $50 billion in losses on mortgage securities.
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