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Monday, January 22, 2018

= (UBS) reported earnings on Mon 22 Jan 2018 (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


  • 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.

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