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Third Quarter Report 2007
Oct. 30, 2007
| At a glance |
UBS reported a net loss attributable to UBS shareholders (“attributable loss”) of CHF 830 million in third quarter 2007, down from a profit of CHF 2,199 million in the same period a year earlier. The attributable loss from continuing operations was CHF 919 million. Financial businesses contributed CHF 1,086 million to the third quarter attributable loss. |
Financial Businesses & Industrial Holdings
Global Wealth Management & Business Banking
Global Wealth Management & Business Banking’s pre-tax profit was a record CHF 2,388 million in third quarter 2007, an increase of CHF 47 million, or 2%, from second quarter 2007. Pre-tax profit for the international and Swiss wealth management businesses, at an all-time high of CHF 1,616 million, was up 5% from second quarter. Wealth Management US’s pre-tax profit was CHF 181 million, up 12% from second quarter. In US dollar terms, it rose 14% to a record USD 151 million. Net new money inflows from the wealth management businesses were CHF 40.2 billion in third quarter, up 14% from last quarter. Business Banking Switzerland’s pre-tax profit was CHF 591 million, down 7% from the second quarter.
Global Asset Management
Global Asset Management’s pre-tax profit was CHF 369 million in third quarter 2007, up from CHF 66 million in second quarter 2007, which included DRCM closure costs of CHF 384 million. Excluding DRCM closure costs, pre-tax profit fell 18% from CHF 450 million in second quarter. This largely reflected a decline in performance fees – particularly in alternative and quantitative investments and in the Brazilian asset management business.
Investment Bank
In third quarter 2007, the Investment Bank recorded a loss of CHF 3,680 million compared with a pre-tax profit of CHF 1,083 million in the same period a year earlier. This was driven by net revenues of negative CHF 4,226 million in the fixed income, currencies and commodities area, mainly related to the inventory of securities linked to the US sub-prime residential mortgage market. Performance-related compensation fell sharply.
Corporate Center
In third quarter 2007, Corporate Center recorded a loss from continuing operations of CHF 31 million, down from the gain of CHF 1,734 million in second quarter 2007, when results included a gain of CHF 1,950 million relating to the sale of the 20.7% stake in Julius Baer.
Industrial Holdings
In third quarter 2007, Industrial Holdings reported a net profit of CHF 255 million, with CHF 256 million attributable to UBS shareholders.
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© UBS 1998-2008. All rights reserved.
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