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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (55399)	11/13/2001 3:34:06 AM
From: StanX Long	Read Replies (1) of 70976

UBS profit down 35 percent November 13, 2001 Posted: 0725 GMT cnn.com By Alice Ratcliffe ZURICH, (Reuters) - UBS, Switzerland's largest bank, said on Tuesday net profit in the third quarter fell 35 percent from the second quarter to 903 million Swiss francs ($551 million), reflecting difficult markets. Analysts had forecast a net profit of around one billion francs for the most recent period. UBS said it expected deteriorating economic conditions and their market impact to continue to influence performance in the short run. The third-quarter figure compares with a net profit of 1.385 billion francs reported for the second quarter of 2001. Pre-tax profits at UBS Warburg's main investment banking business fell to 878 million francs, down 27 percent year-on-year. The drop reflected especially tough equity markets, heightened by the impact of the September 11 attacks on the United States. But fixed income revenues were resilient, UBS said. Revenues at Warburg's entire operations fell to 5.003 billion francs from 5.689 billion in the second quarter, but operating expenses at the unit fell to 4.622 billion francs from 5.221 billion francs in the second quarter.

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