Pre-tax profits at the wealth management businesses of UBS improved in the second quarter from the first three months of the year in all regions, including the Americas, while its performance was affected by the strong Swiss franc, the Zurich-listed bank said today
Pre-tax profits at the wealth management businesses of UBS improved in the second quarter from the first three months of the year in all regions, including the Americas, while its performance was affected by the strong Swiss franc, the Zurich-listed bank said today.
Meanwhile, the Swiss banking and wealth management giant said its original profits target, as set in 2009, was unlikely to be met amid difficult economic conditions.
Wealth management’s pre-tax profit was SFr672 million (around $838.4 million), up by 4 per cent from the previous quarter. Lower income due to lower invested asset levels and reduced client activity was more than offset by reduced operating expenses. Total operating income fell 3 per cent to SFr1.867 billion from SFr1.928 billion in the previous quarter, reflecting lower fee and net interest income.
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Net new money was positive for the fourth consecutive quarter, with net inflows of SFr5.6 billion compared with net inflows of SFr11.1 billion in the previous three months.
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