Bad loan provisions weigh on UBS earnings | Malay Mail

📆 2020/07/22 01:02:00
📰 malaymail

⏱ Reading Time:
24 sec. here
2 min. at publisher
📊 Quality Score:
News: 13%
Publisher: 86%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tokyo shares open higher ahead of corporate earnings | Malay MailTOKYO, July 20 — Tokyo shares opened higher today as investors looked for bargains before corporate earnings announcements begin later this week. The benchmark Nikkei 225 index rose 0.27 per cent, or 60.52 points, to 22,756.94, while the broader Topix index rose 0.22 per cent, or 3.48 points, to...
Source: malaymail - 🏆 1. / 86 Read more »