Jun 26, 2009 -Financial services firm UBS AG (NYSE:UBS) (SWX:UBSN) reported on Thursday that it expects to incur a net loss for its second quarter 2009, based on preliminary results for April and May and estimated results for June.
Its own previously announced credit and restructuring charges will account for most of the expected loss. The quarterly operating result will improve, compared to the first quarter of 2009, as market conditions are better, affecting the Investment Bank, along with lower losses and write downs on legacy risk positions.
In the quarter to date, net new money has been negative in the three wealth and asset management divisions.
The group's Tier 1 capital ratio at 30 June 2009 is expected to be higher than at 31 March 2009 due to a reduction in risk-weighted assets. This ratio is not affected by own credit charges.
The second quarter financial results will be reported by UBS on 4 August 2009.
Its own previously announced credit and restructuring charges will account for most of the expected loss. The quarterly operating result will improve, compared to the first quarter of 2009, as market conditions are better, affecting the Investment Bank, along with lower losses and write downs on legacy risk positions.
In the quarter to date, net new money has been negative in the three wealth and asset management divisions.
The group's Tier 1 capital ratio at 30 June 2009 is expected to be higher than at 31 March 2009 due to a reduction in risk-weighted assets. This ratio is not affected by own credit charges.
The second quarter financial results will be reported by UBS on 4 August 2009.
No comments:
Post a Comment