UBS Shows Positive Quarter: Closer into the Black

UBS (NYSE:UBS) the fixed income, currencies and commodities group, have reported its first positive quarter in more than two years. UBS bore the brunt of the Swiss bank’s losses in the credit crisis.

This quarter is helping to edge the investment bank back into the black. They reported an adjusted pretax profit of CHF (Swiss Franc) 66 million, excluding a CHF1.436m charge on its own debt as a result of credit spread tightening in the third quarter.

John Cryan, the chief financial officer of UBS, said “the FICC result was down to improved revenues in credit trading following several key hires, stable revenues in macro and the rates business picked up a little slack from the foreign exchange trading business, which experienced narrower spreads, lower volatilities and seasonally lower trading volumes.”

UBS said it expects the investment bank’s performance to continue to improve into 2010. To read more on this story go to online.wsj.com.