UBS Announces Flash Second Quarter Results.
UBS today announced preliminary second quarter results, showing outstanding growth of 134% since the same period last year on a post-tax basis, adjusted for divestments and one-off provisions.
UBS will provide full 2Q financial results on August 22, 2000 as scheduled. Below are preliminary 2Q results:
· Second Quarter 2000 shows outstanding year-on-year growth of 134% in adjusted group post tax profit
· Group results only 2% below 1Q00
· Sustained strong performance in Private & Corporate Clients unit
· Private Banking down 18% on 1Q00 through lower activity levels
· Corporate and Institutional Clients almost matched 1Q00
· Significant improvement in credit loss expense
· Preliminary indications are that net new money and asset growth remain disappointing
Zurich/Basel, July 12, 2000
Cautionary statement regarding forward-looking statements:
This press release contains statements that constitute "forward-looking statements", including, without limitation, statements relating to: (1) the implementation of strategic initiatives, (2) the development of revenues overall and within specific business areas, (3) the development of operating expenses, particularly personnel expenses, (4) the anticipated level of capital expenditures, (5) the expected impact of the risks that affect our business, including the risk of loss resulting from the default of an obligor or counterparty, (6) expected credit losses based upon our credit review and (7) other statements relating to our future business development and economic performance. While these forward looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macro-economic, governmental and regulatory trends, (2) movements in local and international securities markets, currency exchange rates and interest rates, (3) competitive pressures, (4) technological developments, and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties.