Soaring profits at UBS.

Position:Financial News
 
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The largest Swiss bank, UBS, has reported its second most profitable year ever.

Net profit soared to CHF6.385 billion ($5.18 billion) in 2003, up by 81 per cent on the previous year. And the fourth-quarter net profit came in at CHF1.86 billion, beating even the most optimistic expectations.

UBS had earlier ruled out large acquisitions. However, now the bank...

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