UBS said on Tuesday that it swung to a profit in the fourth quarter but missed analysts’ expectations, as volatile financial markets weighed on its wealth-management unit.

Switzerland’s largest bank reported a net profit of $696m for the quarter, compared with a loss of $2.42bn a year earlier, when it took a hit from the US tax overhaul of almost $3bn. Operating income fell 3.3% to $6.97bn.