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UBS Restated 2008 Results Show Fall In Profit

Nick Parmee, 21 May 2009

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As presaged in its first quarter 2009 report, UBS has restated its annual results for 2008, producing a reduction in its net profit for last year.

For full-year 2008, the total net impact of all restated items was a reduction of net profit and net profit attributable to UBS shareholders of SFr405 million ($369 million) and a reduction of equity and equity attributable to UBS shareholders of SFr269 million, the Swiss-listed giant said in a statement.

The statement did not break down the restated figures into specific business divisions such as wealth management and investment banking.

As reported earlier this year, the wealth management unit of UBS experienced mixed results in the first three months of this year, with the non-US wealth arm making a profit while the US division was in the red.

Wealth Management & Swiss Bank reported a profit of SFr1.08 billion (around $954 million) compared with a profit of SFr535 million in the fourth quarter of 2008. “The increase was largely due to the impact of provisions made in connections with the US cross-border [tax] case in the fourth quarter of 2008,” the bank said. If these provisions are excluded, this division of UBS would have suffered a 26 per cent drop in pre-tax profit.

At Wealth Management Americas, meanwhile, this unit reported a loss of SFr35 million, compared with a loss of SFr444 million in the fourth quarter of 2008.

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