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Second Quarter Report 2006
Aug. 15, 2006
| At a glance |
UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 3,147 million in second quarter 2006, up from CHF 2,147 million in the same period a year earlier. Attributable profit from continuing operations was CHF 3,088 million. Financial businesses contributed CHF 3,032 million to second quarter attributable profit. Industrial holdings, now comprising only the private equity portfolio, contributed CHF 115 million, or 3.7%, to UBS’s attributable profit, with CHF 56 million coming from continuing operations and CHF 59 million from discontinued operations. |
Financial Businesses & Industrial Holdings
Global Wealth Management & Business Banking
Global Wealth Management & Business Banking achieved pre-tax profits of CHF 2,094 million in second quarter 2006. Pre-tax profit for the international and Swiss wealth management businesses rose to another quarterly record of CHF 1,283 million, up 1% from first quarter 2006. Wealth Management US’s pre-tax profit was CHF 179 million this quarter, down 4% from first quarter 2006. Net new money inflows from the wealth management businesses were a strong CHF 31.2 billion in second quarter. Business Banking Switzerland’s pre-tax profit was a record CHF 632 million, up 13% from first quarter 2006.
Global Asset Management
Global Asset Management achieved pre-tax profits of CHF 334 million in second quarter 2006, down 11% from CHF 374 million in first quarter 2006, but 52% higher than CHF 220 million in second quarter 2005. Performance-based fees fell from first quarter 2006, especially in alternative and quantitative investments. Investment management fees, however, continued to rise on the back of strong net new money inflows in first quarter and the higher asset base in the first part of second quarter.
Investment Bank
In second quarter 2006, the Investment Bank achieved a pre-tax profit of CHF 1,754 million, up 57% from the same period last year. Revenue growth in all business areas more than offset an increase in compensation and general and administrative expenses.
Corporate Center
The Corporate Center recorded a pre-tax loss of CHF 142 million in second quarter 2006 compared to a loss of CHF 170 million in first quarter 2006 and CHF 289 million in second quarter 2005.
Industrial Holdings
In second quarter 2006, Industrial Holdings reported a net profit of CHF 121 million, of which CHF 115 million was attributable to UBS shareholders. Of the attributable net profit, CHF 56 million came from continuing operations and CHF 59 million from discontinued operations.
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