The personal and corporate banking division of Swiss lender UBS has reported an operating profit before tax of CHF355m in the fourth quarter of 2015, up 4.4% compared to CHF340m in the year-ago quarter.

The unit’s adjusted profit before tax for the fourth quarter was CHF396m, the bank said in its earnings statement.

Total operating income increased 0.2% year-on-year to CHF915m. Net interest income stood at CHF576m, up 3.4% compared to CHF557m in the fourth quarter of 2014.

Total operating expenses dropped 2.2% to CHF560m from CHF573m a year earlier.

Overall, the banking group posted an attributable net profit of EUR949m, up 10.6 % compared to CHF858m a year ago.

UBS CEO Sergio Ermotti said: "The fourth quarter is a good demonstration of our discipline. We were not tempted to take more risks or buy unprofitable net new money to offset seasonal effects and challenging market conditions."

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