UBS (UBS) Sees Q3 Profit Amid $2.3B Trading Loss, Cost Reduction Charges
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UBS (NYSE: UBS) reports it expects to report a modest net profit for the Group and positive net new money in its wealth management businesses for the third quarter of 2011.
UBS noted that, "net profit attributable to UBS shareholders for the third quarter 2011 includes a $2.3 billion loss resulting from the unauthorized trading incident reported in September 2011 and approximately CHF 0.4 billion of restructuring charges associated with the firm's cost reduction program.
UBS expects to report net new money inflows in its wealth management businesses at levels broadly similar to those of the previous quarter. Global Asset Management will report moderate net new money outflows.
UBS’s capital position remains strong and its capital base at the end of the third quarter of 2011 is expected to remain broadly in line with the balance at the end of the previous quarter, including the loss associated with the unauthorized trading incident. The BIS Basel II tier 1 capital ratio is expected to decline slightly compared with the second quarter due to the impact on risk-weighted assets of the unauthorized trading incident."
UBS noted that, "net profit attributable to UBS shareholders for the third quarter 2011 includes a $2.3 billion loss resulting from the unauthorized trading incident reported in September 2011 and approximately CHF 0.4 billion of restructuring charges associated with the firm's cost reduction program.
UBS expects to report net new money inflows in its wealth management businesses at levels broadly similar to those of the previous quarter. Global Asset Management will report moderate net new money outflows.
UBS’s capital position remains strong and its capital base at the end of the third quarter of 2011 is expected to remain broadly in line with the balance at the end of the previous quarter, including the loss associated with the unauthorized trading incident. The BIS Basel II tier 1 capital ratio is expected to decline slightly compared with the second quarter due to the impact on risk-weighted assets of the unauthorized trading incident."
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