UBS reports big switch back into profit

[ZURICH] Swiss bank UBS, in the midst of a refocusing of its activities, reported a huge switch back into profit last year and accelerating performance in the last quarter, in a statement released yesterday.

The bank took huge losses from the financial crisis and, in common with Swiss banks in general, is having to adjust to a new Swiss banking climate on many fronts and notably owing to an opening up of Swiss banking secrecy.

Last year it made a net profit of 3.2 billion Swiss francs (S$4.49 billion) from a loss of 2.4 billion francs in 2012.