UBS says it posted "small profit" in 3rd quarter
Swiss banking giant UBS forecasts a positive outlook saying 2009 will be a profitable year.
3 October 3, 2008
ZURICH -- Swiss banking giant UBS said Thursday it managed to produce a "small profit" in the just-ended third quarter of 2008 and that its financial position is steadier with no further asset write downs foreseen.
The brief statement came ahead of an extraordinary general meeting at which shareholders will vote on new appointments to the board of directors.
UBS chairman Peter Kurer in his remarks said 2009 would be a profitable year. He said the bank's risk positions in US mortgages had been "significantly reduced" chiefly after selling mortgage- related securities.
The bank had suffered massive red-ink results in the first two quarters, forced as it was to write down over USD 42 billion worth of assets in the fallout from the subprime mortgage crisis in the US.
UBS is to publish its full Q3 earnings report on November 4.
[dpa / Expatica]