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Swiss bank UBS earns $1 billion in 4th quarter

February 3, 2014

BERLIN (AP) Switzerland's biggest bank, UBS AG , says it earned 917 million francs ( $1 billion ) in the fourth quarter following a large loss a year earlier caused by litigation and restructuring charges. UBS lost 1.9 billion francs in the final quarter of 2012. The bank said Tuesday that its pre-tax operating profit in the October-December period came in at 449 million francs compared with a 1.84 billion-franc loss a year earlier thanks to an increase in fee and commission income largely at its investment bank unit. UBS says its full-year net profit for 2013 totaled 3.17 billion francs . That compares with a loss of 2.48 billion francs in 2012. The bank says it will propose a 67 percent dividend increase to 0.25 francs per share.

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Source: Associated Press

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