UBS raises litigation, lowers reported Q4 net profit

[ZURICH] Swiss bank UBS said on Friday it had revised fourth-quarter net profit attributable to shareholders down by 105 million Swiss francs (S$144.6 million), primarily because it increased legal reserves to 3.05 billion francs.

"The principal change arose due to an increase in charges for provisions for litigation, regulatory and similar matters of 134 million francs," Switzerland's biggest bank wrote in its 2014 full-year report.

UBS also said it paid chief executive Sergio Ermotti 11.16 million francs for 2014, up from 10.73 million francs in 2013.

REUTERS