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Second Quarter Report 2005
Aug. 9, 2005
| At a glance |
In second quarter 2005, UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 2,147 million, up from CHF 2,043 million a year earlier. Our financial businesses contributed CHF 2,111 million to second quarter attributable profit, up 9% from a year earlier but virtually flat pre-goodwill. Industrial holdings, including our private equity portfolio and majority stake in Motor-Columbus, contributed CHF 36 million, or 1.7%, to UBS’s attributable profit. This segment made up 21.9% of our operating income and 27.2% of operating expenses. |
Financial Businesses & Industrial Holdings
Wealth Management & Business Banking
In second quarter 2005, Wealth Management’s pre-tax profit was CHF 963 million, a quarterly record and another increase from first quarter 2005. Net new money, at CHF 18.4 billion, was at its highest level ever, benefiting from continued strong inflows from European and Asian clients. Business Banking Switzerland’s pre-tax profit rose to CHF 564 million – the second best result ever.
Global Asset Management
Global Asset Management’s pre-tax profit was CHF 220 million in second quarter 2005, only CHF 4 million or 2% off the record CHF 224 million in first quarter. The result reflected lower performance fees, mainly in alternative and quantitative investments, partly offset by increasing asset-based management fees as a result of positive currency fluctuations, continued strong net new money inflows and higher market levels.
Investment Bank
In second quarter 2005, the Investment Bank posted a pre-tax profit of CHF 1,077 million, up 12% from the same period last year. Pre-goodwill, pre-tax profit was up 5%. Lower revenues in fixed income, rates and currencies were partly offset by very strong results in investment banking and a robust equities performance.
Wealth Management USA
In second quarter 2005, Wealth Management USA’s pre-tax profit was CHF 133 million, 8% lower than the CHF 144 million in first quarter 2005. Before acquisition costs, pre-tax profit was CHF 197 million in second quarter 2005, down 2% from CHF 201 million in first quarter 2005. On the same basis, but in US dollars, the operating result fell 7% in second quarter 2005 from the previous quarter.
Corporate Center
Corporate Center recorded a pre-tax loss of CHF 159 million in second quarter 2005, compared to a pre-tax profit of CHF 110 million in first quarter 2005 and CHF 133 million in second quarter 2004. Pre-goodwill, the profit before tax in second quarter 2004 was CHF 152 million.
Industrial Holdings
In second quarter 2005, industrial holdings reported a net profit of CHF 90 million, of which CHF 36 million was attributable to UBS shareholders.
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