Posted by
alfredlester on Tuesday, February 08, 2011 8:12:52 AM
PARIS - UBS, The Swiss banking giant, Said Tuesday That Turned Around HAD ITS business in 2010 as it posted icts First Annual profit sincere Before the Financial Crisis.
The bank Reported net profit of one billion Swiss francs 07.02, or $ 6.9 trillion, for the Year 2009 Compared With A loss of 2.7 one billion francs. UBS last year posted profit in 2006 Annual, we have failed bets the American real estate market led it to Major Losses and a Government rescue over-the ensuing Three Years.
UBS, based in Zurich and Basel, aussi Announced a fourth-quarter net profit of 1.3 billion francs Compared With A year-earlier profit of 1.2 billion francs, Slightly below market expectations. Analysts Surveyed by Bloomberg News HAD Expected net profit of about one billion Swiss francs 1.35.
"While We made" substantial progress in 2010, we are Fully Aware That We Have to Continue to Improve Our results, "Grübel, The UBS chief executive, Said in a statement.
The bank&&9;s wealth management division net new inflow Stabilized Said In The second half of 2010, thanks particularly to customers in the Asia Pacific region. Still, UBS Said, The inflow "were very small" during the Fourth Quarter Compared With The 1.0 one billion francs In The Prior Quarter. "
UBS&&9;s wealth management division, one of the World&&9;s Largest, after worried Suffered Customers Fled "during the Financial Crisis payday advance. The company has been "aggressively Investing in the business to restore confidence and growth, after rivals Credit Suisse Including Gained market share at Its Expense. Credit Suisse aussi based in Zurich, icts reports results Thursday.
UBS aussi Reported a Tier-1 capital ratio, a measure of financial strength, of 17.7 percent as of Dec. 31, up from 16.7 percent at The End of September.The Swiss Authorities Have tightened capital requirements for UBS and Credit Suisse to lifesaving The institutions do not Endanger The National Economy.
UBS IS ITS Continuing to overhaul management team. It Said That Tom Naratil in December, official year in Division ITS America, Would take over as group chief financial officer on June 1, Replacing John Cryan, Who Was stepping down "for personal and Reasons to Pursue Other Interests Outside of UBS."
UBS in November has finally Cemented Deal With The U.S. Authorities Under Which The Swiss Government Will Turner over-the names of American customers about 4.500 Suspected of Evading taxes. The Deal The Bank Allowed to Avoid Further Action By The Justice Department in a case That It Had Already it cost $ 780 million in criminal fines to Avoid Prosecution.
UBS Posts First Yearly Profit Since Financial Crisis