Bad loan provisions weigh on UBS earnings | Malay Mail

📆 22-07-20 01:02:00
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ZURICH, July 21 — Swiss banking giant UBS reported today a dip in second quarter earnings as it stepped up provisions for bad loans in a global economy that has been sent into a tailspin by the coronavirus pandemic. Net profit slid by 11 per cent from the April-June period last year to US$1.2...

UBS took US$272 million in charges to treat expected loan losses in the second quarter, after US$268 million in the first. — Reuters pic

Net profit slid by 11 per cent from the April-June period last year to US$1.2 billion , while operating profits nudged two per cent lower to US$7.4 billion. The global economy is facing a contraction unseen since the Great Depression and a wave of company failures. The added credit loss expenses pushed down the bank’s performance. Without them, profit before tax would have increased by 10 per cent in the second quarter, instead sliding by five per cent, UBS said.

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