Higher advisory and equity-related revenues in the fourth quarter helped UBS's investment bank end 2014 in the black, recovering from a third-quarter litigation charge that had wiped out profits for the year.

The Sfr1.7 billion charge at the investment bank in the third quarter had plunged the unit to its first quarterly loss in almost two years, and wiped out the Sfr1.1 billion in pre-tax profits earned over the first half of 2014.