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July 27, 2011updated 04 Apr 2017 3:49pm

UBS Q2 net profit down

UBS has reported a net profit attributable to shareholders of CHF1.0bn, or $0.26 per diluted share, for the second quarter of 2011, compared to CHF2.0bn , or $0.52 per diluted share, for the same period in 2010.

By BBR Staff

Group revenues for the second quarter of 2011 were CHF7.2bn down 14%.

The Swiss bank said the decline in revenues is due to lower client activity and currency movements.

Wealth management’s pre-tax profit was CHF672m in the second quarter of 2011, compared to CHF658m in the same period an year ago.

Retail & corporate’s pre-tax profit was CHF 421m in the second quarter of 2011, up 4% from the previous quarter as operating income benefited from lower credit loss expenses and certain non-recurring revenue items.

Wealth Management Americas’ pre-tax profit improved to CHF140mn in the second quarter of 2011 from CHF111m in the first quarter of 2011.

Global asset management’s pre-tax profit in the second quarter of 2011 was CHF 108m, compared with CHF124m in the first quarter of 2011.

In the second quarter of the 2011, BIS tier 1 capital ratio strengthened to 18.1% from 17.9% in the prior quarter.

UBS CEO Oswald Grubel said banks’ returns have declined overall in the last 12 months, reflecting deleveraging and the actions being taken in advance of increased capital requirements. They are responding to this changed environment and the weakening economic outlook by adapting our business and increasing efficiency.

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