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Second Quarter Report 2007
Aug. 14, 2007
| At a glance |
In first half 2007, UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 8,897 million – with CHF 8,632 million from continuing operations and CHF 265 million from discontinued operations. |
Financial Businesses & Industrial Holdings
Global Wealth Management & Business Banking
Global Wealth Management & Business Banking’s pre-tax profit was a record CHF 2,341 million in second quarter 2007, an increase of 4% from first quarter 2007. Pre-tax profit for the international and Swiss wealth management businesses, at an all-time high of CHF 1,543 million, was up 3% from first quarter. Wealth Management US’s pre-tax profit was CHF 161 million, down 6% from first quarter, affected by legal and litigation expenses. Business Banking Switzerland’s pre-tax profit was a record CHF 637 million, up 11% from the previous quarter.
Global Asset Management
Global Asset Management’s pre-tax profit was CHF 66 million in second quarter 2007, a fall of 84% because of costs of CHF 384 million related to the closure of Dillon Read Capital Management (DRCM). Excluding these costs, pre-tax profit would have been CHF 450 million, up CHF 46 million or 11% compared with the prior quarter. Stronger performance fees, particularly in alternative and quantitative investments and the Brazilian asset management business, contributed to the increase.
Investment Bank
In second quarter 2007, the Investment Bank achieved another record pre-tax profit of CHF 1,815 million, up 3% from a year earlier. Our equities and investment banking businesses saw significant growth in revenues, with the latter posting an all-time quarterly record. Revenues in our fixed income, rates and currencies business fell, driven by weak results in rates, municipal securities and precious metals. Portfolios managed by DRCM (including the former outside investor fund) showed negative revenues of approximately CHF 230 million. A rise in general and administrative expenses drove total operating expenses up.
Corporate Center
In second quarter 2007, Corporate Center recorded a profit from continuing operations of CHF 1,734 million, up from the loss of CHF 193 million in first quarter 2007. Without the gain of CHF 1,950 million relating to the sale of the 20.7% stake in Julius Baer this quarter, Corporate Center would have posted a loss of CHF 216 million.
Industrial Holdings
In second quarter 2007, Industrial Holdings reported a net profit of CHF 203 million, of which CHF 211 million was attributable to UBS shareholders. In first half 2007, pre-tax operating profit from continuing operations was CHF 409 million.
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