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UBS profit before tax CHF 1.2 billion

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Staff writer | Tuesday July 29, 2014 12:45PM ET
UBS
Strong performances   The Investment Bank delivered higher profits

All UBS's business divisions and regions delivered strong second-quarter operating performances enabling the firm to achieve an adjusted profit before tax of CHF 1.2 billion despite muted client activity.


On a reported basis, profit before tax was also CHF 1.2 billion. The firm continued to build its industry-leading capital position with its fully applied Basel III common equity tier 1 (CET1) ratio increasing to 13.5%.

The bank's fully applied Swiss SRB leverage ratio increased to 4.2%, meeting its expected fully applied requirement four years early. Results in UBS's wealth management businesses, Retail & Corporate and Global Asset Management were affected by charges for provisions for litigation, regulatory and similar matters, which totaled CHF 254 million for the Group. Excluding the abovementioned provisions, and considering market conditions, all business divisions delivered resilient performances.

Excluding these provisions, Wealth Management achieved an adjusted? profit of CHF 684 million on stronger recurring income driven by its strategic initiatives to grow mandate sales and lending. The business attracted very strong net new money at CHF 10.7 billion. Wealth Management Americas delivered record revenues, and invested assets passed $1 trillion for the first time.

Excluding provisions, Retail & Corporate delivered a performance on par with the strong prior quarter with solid net new business volume growth. Global Asset Management's net new money was again very strong at CHF 11.6 billion excluding money market flows. The Investment Bank delivered higher profits, with an adjusted return on attributed equity of 30%.

 

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