UBS reveals fall in net profit

Switzerland’s biggest bank UBS AG has reported a net profit of 393 million Swiss francs (425 million US dollars) in the fourth quarter of 2011 in the wake of a two-billion US dollar rogue trading scandal.

The net profit at the Zurich-based fell by 76% from the same quarter in 2010 when net profits totalled 1.29 billion francs – later increased to 1.66 billion francs due to tax gains.