UBS AG / Half Year Results
04.07.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Zurich/Basel, 4 July 2008 UBS announces that its results for the second
quarter ended June 30, 2008, which will be released as planned on August
12, are likely to be at or slightly below break-even.
The results reflect positive contributions from Global Wealth Management &
Business Banking and from Global Asset Management, offset by a loss in the
Investment Bank.
Further market deterioration led to writedowns and losses on previously
disclosed Investment Bank risk positions, in particular credit valuation
adjustments on monoline insurance exposures. Write-downs were mitigated by
continued exposure reductions and by hedge benefits. In connection with
the losses to date, the second quarter results include a tax credit of
approximately CHF 3 billion.
Group net new money was negative for the period. This was most pronounced
in April but improved in May and June, in particular for Global Wealth
Management & Business Banking.
At the end of the quarter, UBS expects its Tier 1 capital ratio to be
approximately 11.5 per cent, and has no need to raise new equity
Miriam Boennecke
Tel.: +41 44 234 3215
E-Mail: Miriam.Boennecke@ubs.com
DGAP 04.07.2008
---------------------------------------------------------------------------
Language: English
Issuer: UBS AG
Bahnhofstrasse 45
8001 Zürich
Schweiz
Phone: +41 44 234 11 11
Fax:
E-mail: info@ubs.com
Internet: www.ubs.com
ISIN: CH0024899483, CH0039913899
WKN: UB0BL6
Listed: Freiverkehr in Berlin, München, Hamburg, Düsseldorf,
Stuttgart; Open Market in Frankfurt; Foreign Exchange(s) SWX
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: UBS AG: UBS announces estimated results for second quarter
| Source: EQS Group AG