|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Friday 11th of February 2011
February 8, 2011    

UBS returns to full-year profit

Bookmark and Share

by Kay Murchie

Swiss banking giant has posted its first annual profit since 2006.

The bank, which is Switzerland’s largest, has today reported a net profit of SwFr7.2 billion (£4.7 billion) for the 2010 year - this compares with a loss of SwFr2.7 billion in 2009.

However, the bank still has a long way to go after full-year net profit for 2006 came in at SwFr12.6 billion.

The bank was among one of the worst hit victims of the credit crunch due to its exposure to the 2007 sub-prime mortgage crisis in the US and suffered substantial losses as a result.

Chief executive Oswald Gruebel remains cautious and comments: “While we made substantial progress in 2010, we are fully aware that we have to continue to improve our results.”

Discuss this in the Finance Markets forums

Story link: UBS returns to full-year profit

Related financial stories to: UBS returns to full-year profit:
Previous: «
Next: »

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: , , , , , ,

Visited 310 times, 8 so far today