UBS has returned to the black, posting a net profit for the 12
months to 31 December of CHF7.5bn ($7.7bn), compared with a net
loss of CHF2.1bn in the prior fiscal.

The bank said that the improved performance
resulted from reduced expenses for credit losses, an increase in
trading income as well as a goodwill impairment charge in fiscal
2009.

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UBS had total assets of CHF1.3tr at year-end
2010, down 1.7% from the previous year.

 

Decline in invested assets

Invested assets in UBS’s Wealth Management and Swiss Bank
division fell 6% to CHF904bn in the twelve months to 31
December.

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Invested assets in the bank’s Global Asset
Management division fell 4% to CHF559bn year-on-year.

Invested assets at the Wealth Management
Americas unit remained flat at CHF689bn compared to the prior
fiscal.

The Switzerland-based private bank’s group
cost-income ratio was 76.7%, an improvement from last fiscal’s
cost-income ratio of 103%.