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Fourth Quarter Report 2006
Feb. 13, 2007
| At a glance |
In full-year 2006, UBS reported net profit attributable to
shareholders (“attributable profit”) of CHF 12,257 million –
CHF 11,491 million from continuing operations and CHF
766 million from discontinued operations. For our financial
businesses, attributable profit from continuing operations
was a record CHF 11,249 million. |
Financial Businesses & Industrial Holdings
Global Wealth Management & Business Banking
Global Wealth Management & Business Banking pre-tax profit increased 19% to CHF 2,189 million in fourth quarter 2006 from CHF 1,837 million in third quarter 2006. Pre-tax profit for the international and Swiss wealth management businesses was CHF 1,418 million, up 16% from CHF 1,226 million in third quarter 2006. Wealth Management US’s pre-tax profit was CHF 174 million this quarter, up from CHF 43 million in third quarter. Business Banking Switzerland‘s pre-tax profit was CHF 597 million, up 5% from third quarter.
Global Asset Management
Global Asset Management’s pre-tax profit was CHF 400 million in fourth quarter 2006, an all-time high and up 41% from CHF 284 million in third quarter 2006. This was primarily due to strong alternative and quantitative investments’ performance fees and higher management fees across the business.
Investment Bank
In fourth quarter 2006, the Investment Bank posted a pre-tax profit of CHF 1,356 million, down 1% from the same period last year, but up 6% in US dollar terms. Revenues increased in all three business areas, particularly in equities and investment banking. This was matched by higher costs, for both personnel and general and administrative expenses, as we continued to expand our range of products and services.
Corporate Center
In fourth quarter 2006, Corporate Center recorded a loss from continuing operations of CHF 318 million, down from a loss of CHF 457 million in third quarter 2006 but up from the CHF 242 million loss in fourth quarter 2005.
Industrial Holdings
In fourth quarter 2006, Industrial Holdings reported a net profit of CHF 345 million, of which CHF 352 million was attributable to UBS shareholders.
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