UBS profits get tax credit boost

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UBS offices in London
Image caption,
UBS profits were boosted by a significant one-off tax credit

The Swiss banking giant, UBS, has reported a net profit of 1.66bn Swiss francs ($1.65bn, £1.1bn) for the three months to the end of September.

The number was boosted by a major one-off tax credit of 825m francs.

It compares with a loss of 564m for the same three months last year.

The bank - Switzerland's biggest - said it had suffered difficult market conditions, marked by low levels of client activity, and had also been hit by a rise in the franc.

The Swiss currency has strengthened against both the dollar and the euro.

UBS made a net profit of 2bn Swiss francs in the April-to-June quarter.

Chief executive Oswald Gruebel said things would improve for the final quarter of the year.

"We are optimistic that an uptick in the fourth quarter will benefit all of our business divisions. We remain confident about our future and believe that we are on track to achieve our medium-term goals," he said.

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