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Second Quarter Report 2008
Aug. 12, 2008
| At a glance |
Net loss attributable to UBS shareholders was CHF 358 million, down from a net profit of CHF 5,547 million. Net loss from continuing operations totaled CHF 415 million compared with a net profit of CHF 5,280 million. |
Business groups and Corporate Center results
Global Wealth Management & Business Banking
Pre-tax profit for Global Wealth Management & Business Banking was CHF 1,123 million in second quarter 2008, a decrease of 48% from the previous quarter. Contributing factors include reduced pre-tax profits in UBS’s international and Swiss wealth management businesses, which fell by 11% to CHF 1,266 million, and a pre-tax loss in Wealth Management US, which fell to negative CHF 741 million from positive CHF 183 million. Business Banking, on the other hand, saw an increase in pre-tax profit of 11% to CHF 598 million. The quarter saw net new money outflows of CHF 19.3 billion compared with inflows of CHF 3.7 billion in the prior quarter.
Global Asset Management
Pre-tax profit for Global Asset Management was CHF 352 million in second quarter 2008, up by 7% from CHF 330 million in first quarter 2008. This reflects both higher performance fees, particularly in alternative and quantitative investments, and lower personnel expenses – mainly due to changes to the forfeiture provisions of future equity ownership plan awards.
Investment Bank
In second quarter 2008, the Investment Bank recorded a pre-tax loss of CHF 5,233 million, compared with a pre-tax profit of CHF 1,659 million in second quarter 2007. This decline mainly reflects net revenues of negative CHF 4,720 million in the fixed income, currencies and commodities area, largely related to exposures related to the US residential real estate market and other credit positions.
Corporate Center
In second quarter 2008, Corporate Center recorded a CHF 330 million pre-tax loss from continuing operations. This compares with a pre-tax profit of CHF 3,947 million in first quarter 2008 and a CHF 1,994 million pre-tax profit in second quarter 2007. Items that have contributed to the large variation in quarterly results are the gains related to the accounting treatment of the issue of mandatory convertible notes in first quarter 2008, and UBS’s sale of its 20.7% stake in Julius Baer in second quarter 2007.
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© UBS 1998-2008. All rights reserved.
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