UBS, in sharp contrast to troubles at rivals CSFB, today reported net profits after tax in the third quarter of CHF 942 million, down 29% from second quarter 2002 but nevertheless 4% up on a year earlier. Pre-goodwill, net profit was up 2% from third quarter 2001, but down 24% from second quarter 2002.
UBS says that despite the pressure of falling equity markets, it benefits from a diversified business and the ability to adjust its costs in line with prevailing market conditions. The Group’s wealth management businesses again proved their asset gathering strength, with private clients investing net new money of CHF 12.7 billion for the quarter.