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Thursday, October 25, 2018

-= (UBS) reported earnings on Thur 25 Oct 2018 (b/o)

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.

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