UBS profit triples in Q4

UBS said profit more than tripled in the fourth quarter as the bank put less money aside for litigation, while rising interest rates and stocks boosted the securities unit and U.S. wealth management.
Profit before tax rose to $847m the bank said Friday in a statement.
Sergio P. Ermotti, Group Chief Executive Officer, said: 'Despite a very challenging market environment in 2016, we achieved solid results, thanks to our balanced business and geographic mix, as well as our strong focus on executing our strategy. Wealth Management Americas delivered a record performance, and our Swiss Personal and Corporate business achieved its best full-year results since 2008. While we saw persistent client risk aversion and substantial cross-border outflows, we generated over CHF 40 billion of net new money in our wealth management businesses'.
Reuters reports that UBS Swiss head Martin Blessing said on Thursday the bank's biggest challenge this year will be keeping up decent returns.
"We must also see that we still earn decent money. That will certainly be the biggest challenge in 2017," Blessing, who joined UBS in September, said at a banking conference organised by Swiss newspaper Finanz und Wirtschaft.

Technically the share price of the bank are suitable for purchase as are immediately after breaking a long-term downtrend, and a reversal in price is supported by the volumes traded on the bottom.
Fundamentally, as mentioned earlier financial results are impressive and upcoming increases in US interest rates will affect well on the share price.
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