UBS expects small profits in third quarter (AFP)

02.10.2008 10:15 Finance

ZURICH (AFP) - Switzerland's biggest bank UBS, one of the worst-hit by the subprime crisis, said Thursday it expects a small profit for the third quarter after sharply cutting its US mortgage-related positions.

Chairman Peter Kurer will tell shareholders during an extraordinary general meeting later Thursday that the bank would also earn profits in 2009, a statement said.

UBS last year posted its first-ever full-year loss of 4.4 billion Swiss francs (3.9 billion dollars, 2.8 billion euros) due to massive asset writedowns of subprime-related positions.

This year, it has already posted losses in two successive quarters. The subprime crisis has forced the bank to write down over 42.5 billion dollars worth of assets so far.

With the financial crisis in the United States taking a turn for the worse over the past two weeks, some analysts had expected UBS to post further writedowns when it reports its third quarter results on November 4.

But the bank expects a recovery.

"Despite recent extremely volatile market conditions, UBS currently expects to report a small profit for the third quarter, based on preliminary estimates," said a statement summarising Kurer's address to shareholders.

The bank had disposed much of its US commercial and residential mortgage-related positions, it added.

It has also embarked on a programme to reposition itself and take remedial measures following the crisis, including the way it apportions risks.

"2009 will be an overall profitable year. UBS, at all times, wants to maintain a strong capital base, adequate liquidity and a reduced, solid balance sheet," the UBS statement said.

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19.09.2009 04:40 - kallspanype

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19.09.2009 04:40 - kallspanype

19.09.2009 14:18 - FekbralkZer

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19.09.2009 17:07 - RuhfultBurl

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20.09.2009 05:23 - frordiblerb

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20.09.2009 08:17 - LesAnnoryodor

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20.09.2009 11:18 - frordiblerb

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20.09.2009 11:18 - frordiblerb

20.09.2009 11:19 - frordiblerb

20.09.2009 21:14 - ZVBernard

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22.09.2009 21:28 - relsUrgense

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but never could experience up to the end all wildness of this mad test.
Already darkened. All our armies have left for a long time a battlefield, having receded to the Israeli border.

24.09.2009 21:46 - ApennotoRew

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-With you, whether what to go? Is Ahmed who has approached to us.
Ahmed - äðóç. Äðóçû are same Arabs (language, culture, names), only the religion differs. In what they there trusts, anybody the stranger does not know is keeps in
he strict secret. But, they hate Palestinians, more than Jews - the fact. Young äðóçû which serve in fighting parts, scoff at Palestinians
to that I witnessed not once. Explain, that earlier (when do not specify) Palestinians

25.09.2009 05:54 - Mopsshoomerge

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25.09.2009 05:54 - Mopsshoomerge

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Merrill 3Q loss widens on mortgage-related charges (AP)

AP - Merrill Lynch says it third-quarter loss widened as it took more than $12 billion in charges from the sale of mortgage-related investments and fallout from the continued credit crisis. Read more…

UBS expects small profits in third quarter (AFP)

02.10.2008 10:15 Finance

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