BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific Arabic Spanish Russian Chinese Welsh
BBCi CATEGORIES   TV   RADIO   COMMUNICATE   WHERE I LIVE   INDEX    SEARCH 

BBC NEWS
 You are in:  Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 


Commonwealth Games 2002

BBC Sport

BBC Weather

SERVICES 
Thursday, 14 February, 2002, 11:06 GMT
2001 better than feared for UBS
News in brief
Switzerland's largest bank USB saw net profits slide by almost a quarter in the last three months of last year, but the decline proved smaller than observers had feared.

The main part of the bank's gains came from its Swiss retail and corporate banking business, while credit losses were less than in the preceding quarter.

The bank earned 1.1bn Swiss francs ($652.1m, 453m), down 24% on the figures from a year earlier.

The results were a pleasant surprise for the market, taking in account the recent row of high-profile failures.

Avoiding hot spots

UBS, the world's ninth largest bank by market value, emerged from a difficult quarter in a better state than most of its rivals. The bank avoided fallouts from the most of high-profile fallouts like Enron or Argentina.

The current year, though, remains problematic, it warned, with "limited" potential to improve its performance.

UBS will come under special scrutiny in 2002 after ousting its top executive in a surprise move in December.

See also:

18 Dec 01 | Business
UBS offloads president
08 Oct 01 | Business
Banks blamed for Swissair failure
14 Aug 01 | Business
UBS beats profit forecasts
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories