Based upon preliminary results for April and May and estimated results for June, UBS expects to incur a net loss for its second quarter 2009.
The majority of the expected loss is attributable to own credit and the restructuring charges that have already been announced. The operating result for the quarter is expected to represent an improvement compared with the first quarter of 2009, largely attributable to better market conditions affecting the Investment Bank and a reduction in losses and write downs on legacy risk positions.
Net new money has been negative in the three wealth and asset management divisions in the quarter to date.
Due to a reduction in risk-weighted assets, the group’s Tier 1 capital ratio is expected to be higher at 30 June 2009 than at 31 March 2009. The Tier 1 capital ratio is not affected by own credit charges. UBS will announce its results for the second quarter on 4 August 2009.
L.D.