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UBS annual profits soar to US$4.9b

[ZURICH] Swiss banking giant UBS saw its net profits soar by almost five times last year to US$4.9 billion, it announced Tuesday.

Like other banks, UBS had seen its 2017 results hammered by US tax reforms. But excluding the impact of these changes in US tax laws, net income for the whole of 2018 was still up 25 per cent from the previous year.

AFP

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