A near doubling of income from fees and commissions helped drive investment bank UBS New Zealand to a $7.8 million net profit in calender 2018 from just $0.5 million in the previous year.
Income from and commissions jumped to $23.3m in 2018 from $12.79m a year earlier, according to UBS NZ's annual report filed with the Companies Office.
The Zurich-based parent's net profit for 2018 came in at US$4.897 billion, compared to its 2017 figure of $969m, when US tax reforms hit the company's bottom line.
UBS's group chief executive officer Sergio P. Ermotti said the company had delivered a resilient performance over the fourth quarter "despite historically tough market conditions".
UBS NZ, which is involved in advising, underwriting, financing and brokerage, has been in New Zealand for 60 years.