Swiss banking major UBS in its preliminary results has said that it is expecting to post pre-tax operating profit of approximately CHF1.02 billion (US$1.08 billion) for the second quarter of 2013.
The bank expects to report net profit attributable to shareholders of approximately CHF690 million.
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The bank’s Basel III common equity tier 1 ratio is expected to improve significantly to approximately 11.2% on a fully applied basis and 16.2% on a phase-in basis.
These results include pre-tax charges totalling approximately CHF865 million for all litigation matters and certain other significant provisions and an impairment of financial assets, the bank said in its statement.
"We will report strong net new money in our wealth management businesses with net inflows of approximately CHF10.1 billion in wealth management and net inflows of CHF2.7 billion in wealth management Americas, with net outflows of CHF2.0 billion in global asset management," the statement added.
The bank’s full financial report for the second quarter of 2013 will be issued on 30 July 2013.
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