Swiss bank UBS says more money from wealthy investors in Asia helped Q4 profits

Swiss bank UBS says profits rose 5 percent in the fourth quarter as a tax benefit and new inflows from wealthy Asian investors boosted the bottom line.

The bank cautions however that the sharp rise in the Swiss franc — which happened after the quarter ended — would "put pressure on our profitability."

UBS said Tuesday it made 963 million francs ($1.04 billion) in the quarter, up from 917 million francs in the year-ago quarter.

The bank says it benefited from new money inflows from clients in Asia at its wealth management business, which serves high net worth individuals.

The bank also claims a net tax benefit of 493 million francs during the quarter.

The Swiss franc rose sharply in January after the Swiss central bank stopped capping its value relative to the euro.