UBS’s wealth management division has reported profit before tax of CHF557 million for the second quarter of 2013, an increase of 11% compared with CHF502 million in the prior year quarter.
The Swiss bank said that the division’s adjusted profit before tax decreased by CHF83 million to CHF607 million and included a charge of CHF104 million in relation to the Swiss-UK tax agreement. Excluding also this charge, profit before tax was CHF711 million.
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The division’s operating income was CHF1.95 billion. The bank in its statement also revealed that the division’s gross margin on invested assets decreased basis point to 90 basis points as average invested assets increased faster than income.
The division’s operating expenses increased by CHF146 million to CHF1.39 billion, mainly due to the charge in relation to the Swiss-UK tax agreement.
The statement added that all regions contributed to net new money inflows of CHF 10.1 billion. The cost / income ratio increased to 71.5% from 64.9%.
Wealth Management Americas’ reported profit before tax of US$258 million compared with US$211 million in the second quarter of 2012.
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By GlobalDataThe Swiss bank’s global asset management arm posted profit before tax of CHF138 million for the latest quarter compared with CHF118 million in the year ago quarter.
Overall, UBS group reported second-quarter net profit attributable to UBS shareholders of CHF690 million or CHF0.18 per share, compared to last year’s profit of CHF524 million or CHF0.14 franc per share.
