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UBS reports record profits

Online Stock Market Trading By Philip White

The Royal Bank of Scotland (RBS) Group has reported record profits, off of bad consumer debts increasing by 30% to .17 billion.

Stock Investing Course The Swiss bank, UBS, said it recorded record profits of 2.02 billion Swiss Francs in the fourth quarter fueled by higher investment banking fees.

Business is booming for the UK's banking sector. Last year HSBC, the UK's biggest bank, announced record profits for a British firm. Its main rivals also posted healthy profits fuelled in part by a buoyant economy and sustained consumer spending. However, a report warned this week that some banks could see their profits hit by bad debts. Consumer debt is over á1 trillion in the UK and some analysts believe that more of us are going to be forced to renege on our repayments.

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UBS is one of the best capitalized financial institutions in the world, with invested assets of 2.2 trillion Swiss francs, shareholders' equity of 35.4 billion Swiss francs and market capitalization of 95.4 billion Swiss francs. Presence UBS is present in all major financial centers worldwide, with offices in 50 countries. UBS employs 65, 929 people, 40% of whom are located in Switzerland, 39% in the Americas, 15% in Europe and 6% in Asia.

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Journal Prime Rate Street Wall Feb 9, 2005 (AXcess News) Zurich - The Swiss bank UBS AG (NYSE: UBS), said it recorded record profits of 2.02 billion Swiss francs ($1.79 billion) in the fourth quarter fueled by higher investment banking fees.The Swiss bank said profits rose 1.81 billion francs over the same period last year, beating analysts estimates of 1.83 billion francs. Revenue climbed by nearly a third to 11.14 billion francs ($9.85 billion) from 8.54 billion francs.

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Stock Market News The remarkable results were driven by higher revenue from equity trading and solid income from fees on securities managed for clients.

Stock Investing Basics Chief Financial Officer Clive Standish was quoted as saying, "Markets have started on a positive note this year, activity is extremely strong in January, and we see that continuing in February with a large amount of mergers and acquisitions activity and strong securities markets, so we think it looks pretty positive."

Stock Investing Software On the New York Stock Exchange, shares of UBS closed up $1.75 at $83.50, while on the Zurich exchange, shares rose 2.5 percent to close at 102.10 francs.

Stock Market Trading The Swiss bank said it will increase its dividend 15% to 3 francs ($2.45) and announced a share buyback program worth up to 5 billion francs ($4.08 billion).Advertisement

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