UBS Q3 tops, fixed income revenue up (UBS) By Emily Church
[UBS - criminals of the first order, the elite, as scummy as it is possible to be .. "captured revenue opportunities" .. lol .. hard to lose when you buy and sell with one hand and upgrade and downgrade with the other]
[Futs down looks like 1412 out of the box]
LONDON (CBS.MW) -- Swiss banking giant UBS (UBS) on Tuesday said third-quarter net earnings, excluding goodwill amortization, rose 53 percent to 1.911 billion Swiss francs from the year ago quarter, topping analyst forecasts. "We captured revenue opportunities despite volatile markets, particularly in fixed income, while the strong net new money inflow again shows our substantial competitive progress," said CEO Peter Wuffli, in a statement. Commissions and corporate finance fees rose, reflecting a pick-up in corporate activity as well as a strengthening of UBS's competitive position, the bank said. Total operating expenses fell 6 percent to CHF 6.353 billion, partially reflecting a 4 percent decline in headcount to 66,153. Looking ahead, UBS noted a climate of market-driven volatility, but added "underlying these fluctuations, however, global economies and market conditions have been gradually improving... The stronger and more certain the recovery proves, the more positive the effect on our revenues." In investment banking, UBS said pre-tax profit rose 35 percent over the year ago quarter to CHF 965 million, but were down 9 percent from the "exceptionally strong second quarter." Revenue rose 30 percent in its Fixed Income, Rates and Currencies business. "This strong result was achieved despite negative revenues of CHF 192 million related to credit default swaps hedging credit exposures in the loan book, compared to a gain of CHF 321 million a year earlier," it said. |
