UBS AG (UBS) reported earnings on Thur 25 Oct 18 (b/o)

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UBS AG misses by CHF0.01, beats on revs

• Reports Q3 (Sep) earnings of CHF0.34 per share vs CHF0.35 Consensus; revenues fell 0.4% year/year to CHF7.31 bln vs the CHF7.27 bln S&P Capital IQ Consensus.
• Adjusted2 RoTE ex DTAs3 of 15.7%, +2.4p.p. YoY; adjusted2 C/I ratio (3p.p.) YoY to 76%
• Outlook
  • Global economic growth prospects and monetary policy normalization continue to provide a supportive backdrop to our business, although ongoing geopolitical tensions, rising protectionism and trade disputes have further dampened investor sentiment and confidence. We expect these latter trends to continue to impact Global economic growth prospects.
  • Wealth Management clients' transaction activity in the fourth quarter; however, moderately increased levels of volatility and volumes are generally positive for co's institutional business in the Investment Bank.
  • Funding costs related to long-term debt and capital instruments issued to comply with regulatory funding and liquidity requirements will be higher than in the previous year, but should be broadly stable compared with the third quarter.
• Targeting Group reported return on CET1 capital of ~15% in 2019 and ~17% ambition for 2021, even as CET1 capital increases.

UBS AG (UBS) reported earnings on Mon 22 Jan 18 (b/o)

• UBS AG is a Swiss global financial services company, incorporated in the Canton of Zurich, and co-headquartered in Zürich and Basel.
• ubs.com

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** charts after earnings **

• US tax overhaul hits UBS earnings with a $3 billion writedown

The consensus from a Reuters poll was for a figure of 1.257 billion Swiss francs, below the 2016 number of 3.3 billion Swiss francs and below the 2015 figure of 6.2 billion Swiss francs
Net profit included a writedown of 2.865 billion Swiss francs in the fourth quarter of deferred tax assets due to the introduction a new tax cuts and the jobs act in the United States

The Swiss bank UBS reported a net profit of 1.165 billion Swiss francs ($1.25 billion) for the whole of 2017, weighed down by a writedown in the fourth quarter that related to the new U.S. tax overhaul.

The consensus from a Reuters poll was for a figure of 1.257 billion Swiss francs, below the 2016 number of 3.3 billion Swiss francs and below the 2015 figure of 6.2 billion Swiss francs.

"2017 was an excellent year for us. We delivered stronger financial results and met our net cost reduction target," Sergio Ermotti, the group's chief executive officer, said in a statement.