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UBS posts profit

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UBS posts profit

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Swiss bank UBS has posted a quarterly net profit for the first time since mid 2008.

But at the same time it said that clients continue to withdrew their investment money and at a far greater rate than had been anticipated.

Its fourth quarter net profit was 825 million euros.

UBS also said it will pay about 1.84 billion euros in cash bonuses to staff for last year, up about a third from the depressed payouts of a year earlier.