A strong performance in equities and mergers and acquisitions advisory pushed pre-tax profits at UBS investment bank up 18% to Sfr4.54bn (€2.9bn) in 2004, its best result for four years.

Revenues from equities rose 21% to Sfr5.9bn, M&A advisory and debt and equity underwriting jumped 12% to Sfr1.9bn, and fixed income climbed 5% to Sfr7.9bn in the year to December 31.