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UBS to break even in Q2 results

UBS says it has no need to raise new equity as it stated today that its results for the second quarter ending June 30 will be at or slightly below break even.

The investment bank says these results will be released as planned on August 12.

It claims that the results reflect positive contributions from Global Wealth Management and Business Banking and from Global Asset Management, offset by a loss in the investment bank.

UBS says that further market deterioration led to writedowns and losses on previously disclosed investment bank risk positions, in particular credit valuation adjustments on monoline insurance exposures.

Writedowns were mitigated by continued exposure reductions and by hedge benefits. It says that in connection with the losses to date, the second quarter results include a tax credit of around CHF 3 billion.

UBS says group net new money was negative for the period. It says this was most pronounced in April but improved in May and June, in particular for Global Wealth Management and Business Banking.

At the end of the quarter, UBS expects its Tier 1 capital ratio to be approximately 11.5 per cent. It says it therefore has no need to raise new equity.

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