World Economy

UBS Reports Profit

UBS Reports Profit  UBS Reports Profit

Swiss bank UBS Group AG has reported higher fourth-quarter net profit but seen its shares plunge on news that investor money is fleeing turbulent markets, Reuters reported. The Zurich-based bank cited “pronounced risk aversion” among clients as it reported 3.4 billion Swiss francs ($3.3 billion) flowed out of its wealth management arm serving clients outside the US. Outflows in emerging markets and Europe outweighed inflows in the Asia Pacific region and Switzerland. UBS shares were down 7% at 15.51 Swiss francs in Europe. The share drop came despite a 10% rise in net profit in the October-December quarter to 949 million francs, from 858 million francs in the same period a year earlier.