UBS profit beats despite 'challenging' conditions

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Swiss investment bank UBS reported net profit for 2015 ahead of analyst expectations, but warned of continued headwinds.

The group reported net profit up 79 percent at 6.2 billion Swiss francs, ahead of a consensus forecast compiled by Reuters of 5.75 billion Swiss francs.

"Despite very challenging market conditions, UBS's business divisions delivered strong results in 2015, while prudently managing resources and risk," UBS said in a statement.

The past year has been tough for banks as they grapple with low interest rates and tighter regulations, as well as significant market volatility.

The group board will propose a total dividend of 0.85 Swiss francs per share to be paid out to shareholders, above analyst forecasts of 0.81 Swiss francs per share.

The fourth quarter was characterized by very low levels of client activity and pronounced risk aversion, the group said. Fourth-quarter net profit nonetheless beat forecasts.

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