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UBS suffers $2bn loss in Q4 2012

Swiss lender UBS has reported net loss attributable to its shareholders of CHF1.9bn ($2bn), compared to a profit of CHF323m ($355.4m) during the same period last year.

The bank attributed net loss mainly to net charges for provisions for litigation, regulatory and similar matters of CHF2.08bn ($2.28bn) as well as net restructuring charges of CHF258m ($284m) and an own credit loss on financial liabilities designated at fair value of CHF414m ($455.6m).

Wealth Management’s pre-tax profit stood at CHF398m ($438m), against CHF582m ($640.5m) during the previous quarter same year.

Wealth Management Americas’ pre-tax profit in the fourth quarter of 2012 was $216m, while its total operating income stood at $1.74bn.

The Investment Bank posted a pre-tax loss of CHF557m ($613m), compared to a pre-tax loss of CHF2.85bn ($3.13bn) during the third quarter of 2012.

Retail & Corporate’s pre-tax profit was CHF361m ($397m), while Global Asset Management’s pre-tax profit was CHF149m ($164m), primarily due to higher net management and performance fees.

The bank’s Basel 2.5 tier 1 capital ratio continued to improve and stood at 21.3% on 31 December 2012, up by 1.1% from 30 September 2012.