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Third Quarter Report 2008
Nov. 4, 2008
| At a glance |
Net profit attributable to UBS shareholders of CHF 296 million. |
Results from UBS divisions
Global Wealth Management & Business Banking
Pre-tax profit for Global Wealth Management & Business Banking was CHF 1,861 million in third quarter 2008 – up 66% from CHF 1,123 million in second quarter 2008, which included auction rate securities-related provisions of CHF 919 million. Over the same period, pre-tax profit declined 12% to CHF 1,110 million in Wealth Management International & Switzerland, and Wealth Management US recorded a pre-tax profit of CHF 203 million, compared with a loss of CHF 741 million, while Business Banking pre-tax profit fell 8% to CHF 548 million. In third quarter 2008, net new money outflows were CHF 49.3 billion compared with outflows of CHF 19.3 billion in the prior quarter.
Global Asset Management
Pre-tax profit for Global Asset Management was CHF 415 million in third quarter 2008, up CHF 63 million, or 18%, from CHF 352 million in the prior quarter. The increase includes a gain of CHF 168 million on the sale of a minority stake in Adams Street Partners.
Investment Bank
In third quarter 2008, the Investment Bank recorded a pre-tax loss of CHF 2,748 million compared with a pretax loss of CHF 5,233 million in the prior quarter. Negative revenues of CHF 4,563 million in the fixed income, currencies and commodities area contributed to this loss, and were only partly offset by positive contributions from equities and the investment banking department, as well as a gain of CHF 2,207 million due to the widening of UBS’s own credit spread over the quarter.
Corporate Center
In third quarter 2008, Corporate Center recorded a CHF 7 million pre-tax loss from continuing operations, compared with a pre-tax loss of CHF 330 million from continuing operations in the prior quarter.
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