UBS posts 1 billion francs profit in third quarter
GENEVA, Oct 25 (AP/UNB) - Scandal-hit Swiss bank UBS AG has reported a third-quarter profit of 1 billion Swiss francs ($1.13 billion), despite a trading loss of 1.8 billion francs.
The result is sharply lower than the bank's third-quarter net profits of 1.66 billion francs a year ago.
UBS reported the results before markets opened in Zurich on Tuesday.
UBS said earlier this month it would report a modest net profit for the quarter despite revealing last month it had suffered a $2.3 billion loss due to alleged rogue trading.
The incident threw UBS into turmoil and led to the resignation of its chief executive brought in two years ago to turn around the fortunes of Switzerland's biggest bank after massive subprime losses and a damaging U.S. tax evasion case.
The result is sharply lower than the bank's third-quarter net profits of 1.66 billion francs a year ago.
UBS reported the results before markets opened in Zurich on Tuesday.
UBS said earlier this month it would report a modest net profit for the quarter despite revealing last month it had suffered a $2.3 billion loss due to alleged rogue trading.
The incident threw UBS into turmoil and led to the resignation of its chief executive brought in two years ago to turn around the fortunes of Switzerland's biggest bank after massive subprime losses and a damaging U.S. tax evasion case.
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