UBS, Switzerland's biggest bank, has reported a loss of 1.4bn Swiss francs ($1.32bn; £790m) for the April to June quarter. The loss is a slight improvement on the 2bn Swiss franc loss the bank made in the first quarter of this year. The bank said results were "significantly affected" by charges totalling 2.3bn Swiss francs. In contrast, French bank BNP Paribas posted a profit of 1.6bn euros ($2.3bn; £1.36bn) for the second quarter. The bank said it was "well placed to deal with the challenges of the current economic environment." Outflows UBS issued a cautious outlook for the coming months, saying a "sustainable recovery is not yet visible". The bank made a loss of 358m Swiss francs during the same period last year. It also failed to stem outflows of money from its wealth management divisions in the three months to the end of June. It reported outflows of 17.1bn Swiss francs from its Global Asset Management division and 16.5bn Swiss francs from its Wealth Management and Swiss bank. UBS has been embroiled in a legal battle with US authorities over suspected tax evasion by its US customers. The bank has been hit particularly hard by the credit crisis. Its results contrast with those of Switzerland's second-biggest bank, Credit Suisse, which reported a second-quarter profit of 1.571bn Swiss francs, up 29% from a year earlier. | |
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