UBS joins Deutsche in 76 percent net profit loss

Switzerland's biggest lender by assets, UBS AG, announced on Tuesday a 76 percent fall year-on-year in net profits for the fourth quarter of 2011 in the wake of its $2bn rogue trading scandal last year.

Figures fell to SFr393m for the quarter compared to a SFR1.66bn a year earlier, and were below analyst's average estimates of SFr739m.

UBS's investment banking arm posted the biggest losses amid challenging economic circumstances, plunging to a pre-tax loss of SFr256m from a SFr100m profit a year earlier.

The bank says it foresees “headwinds” for growth in the early part of 2012 due to the bloc's sovereign crisis and prolonged ambiguity concerning the global .

The news comes only a week after Deutsche Bank reported a 76 percent decline in fourth quarter profits.

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