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Bank reveals fall in net profit

Switzerland's biggest bank UBS AG has reported a net profit of 393 million Swiss francs (£271 million) 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.

UBS says it foresees "headwinds" for growth and gains in early 2012 due to Europe's sovereign debt crisis and continued uncertainty about the global economic outlook.

The bank, which has over 60,000 staff around the world and manages more than two trillion francs in assets, reported its results before markets opened in Zurich.

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