Pre-tax profits generated by the investment bank of UBS rose 12% to Sfr5.2bn (€3.3bn) last year on revenues of Sfr17.4bn. The profits were the highest since 2000.

Of total revenues, fixed income trading continued to dominate but was down 4% at Sfr8bn; equity trading rose 18% to Sfr6.98bn; and M&A advisory and debt and equity underwriting soared almost a third to Sfr2.5bn.