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.

The firm is currently advising Apax Partners on its $2.56 billion bid for online classifieds business Trade Me. It's also worked behind the scenes for telecommunications firm Vocus and advised on the recent sale of a stake in Goodman Fielder.

Last week UBS New Zealand rallied clients to support a charity donation for those directly impacted by the Christchurch mosque shootings.

The broker offered all trading commissions received from trading on Wednesday March 27 to the New Zealand Council of Victim Support. It also offered matched-giving for staff who wanted to make a personal donation.