UBS Warburg, the investment banking arm of UBS, the Swiss bank, made a pre-tax profit of Sfr3.1bn (€2.1bn) in 2002 despite the difficult market conditions, a 17% drop from last year.

Peter Wuffli, president of the group executive board, said: "In one of the most challenging years ever for the financial industry, our businesses were remarkably resilient and competitive, gaining market share by continuing to invest in growth."