Reply #7: Swiss Bank UBS Posts Third-Quarter Profit [View All]

[ozymandius]

PARIS -- The Swiss banking giant UBS on Tuesday reported a third-quarter net profit but warned that the outlook for the rest of the year was gloomy.

The bank, which is struggling to restore its business and reputation after it was mauled by the collapse of the U.S. mortgage market, reported net profit of 296 million Swiss francs ($252 million), compared with a year-earlier loss of 858 million francs. Operating income fell 38 percent to 5.6 billion francs.

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UBS actually posted on Tuesday an operating loss of 480 million francs, but it said its results had been improved by a gain of 2.2 billion francs it booked on its own debt, as well as a tax credit of 913 million francs. It noted that the value of its debt has risen the bailout was announced, so it could end up having to book a loss on that item in the fourth quarter.

http://www.nytimes.com/2008/11/05/business/05ubs.html?ref=business