Feb. 4, 2014, 2:39 AM
- UBS (UBS) swung to a Q4 net profit of 917M Swiss francs ($1B) from a loss of 1.9B francs a year earlier and slayed consensus of 354M francs, with the bank enjoying a 470M franc benefit from deferring its taxes. The Q4 2012 results were hit by massive fines.
- Adjusted pretax profit 755M francs.
- The core wealth-management business attracted net new money of 5.8B francs, more than double than in Q4 2012. Pretax profit at the unit increased 18% to 471M francs.
- Investment bank pretax operating profit 297M francs vs a loss of 243M francs. Asset management -12% to 130M francs.
- UBS to pay dividend of 0.25 Swiss franc for the year vs 0.15 franc for 2012.
- Switzerland's financial regulator Finma has cut the amount of capital that the bank has to hold against risk-weighted assets to 5B francs from 28B francs. The requirement is designed to protect UBS from "unknown" future litigation and other matters. (PR)
Feb. 5, 2013, 1:55 AMUBS (UBS): Q4 net loss 1.89B Swiss francs ($2.08B) vs net profit of 323M francs last year and consensus for loss of 2.16B francs. Loss is due to a $1.5B penalty for manipulating inter-bank interest rates and because of charges from a restructuring plan in which it is laying off 10,000 staff. Ups dividend to 15 centimes a share from 10 centimes last year. (PR) | 1 Comment
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