US tax reforms send UBS profits plunging
Swiss banking giant UBS
Zurich - Egypt Today
Swiss banking giant UBS reported Monday that its profits plummeted 63 percent last year due to US tax reforms that hit fourth-quarter earnings.
It said annual net profit dropped to 1.16 billion Swiss francs (900 million euros, $1.01 billion) for the year.
During the last three months of 2017 the bank suffered a net loss of 2.2 billion Swiss francs as it took a charge of 2.87 billion Swiss francs due to changes in US tax laws.
Without the charge against earnings, the bank said it would have posted a net profit of 641 million Swiss francs for the fourth quarter.
Changes in US tax law have forced banks that operate in the United States to book considerable one-time losses in the final quarter of last year, but are expected to be favourable to them going forward.
“2017 was an excellent year for us. We delivered stronger financial results and met our net cost reduction target,” chief executive Sergio Ermotti said in a statement.
“Greater regulatory clarity means we can open a new chapter for UBS, allowing us to sharpen our focus on growth across our businesses, make further investments in technology and deliver attractive returns to shareholders.”
Source:AFP
GMT 13:06 2017 Friday ,28 April
UBS books 'very strong' first quarterGMT 13:22 2017 Wednesday ,22 March
UBS introduces charges on euro accounts exceeding 1 millionGMT 12:35 2016 Tuesday ,18 October
UBS spending $1bn on IT overhaulGMT 00:46 2016 Tuesday ,28 June
French prosecutors seek UBS tax fraud trialRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 19:52 2018 Monday ,08 January
Turkish Cypriots set for coalition after PM’s party wins polls
GMT 06:30 2017 Friday ,11 August
Dollar exchange rate maintains stability
GMT 11:00 2017 Saturday ,22 April
Iraqi parliamentarian calls Abadi for mediating
GMT 10:59 2016 Friday ,08 July
Maria Grazia Chiuri named Dior's new creative director
GMT 12:00 2018 Thursday ,13 December
Liverpool, Manchester City seek neighbours' help in title chase
GMT 15:45 2018 Wednesday ,12 December
Festive Fashion by Dubai-based designer ASMARAÏA
GMT 00:03 2017 Sunday ,12 March
Al Assad says yet to see real steps on Daesh by TrumpGMT 13:10 2011 Sunday ,03 July
Iran annuls death term for Christian pastorGMT 15:59 2012 Monday ,24 September
Hope mounts for deal in Sudan, South Sudan summitGMT 15:26 2011 Friday ,27 May
Sweden warns of E. coli produce
GMT 02:29 2016 Monday ,06 June
‘Dubai Now’ wins best government app awardGMT 20:12 2011 Monday ,16 May
FAO : 1.3 billion tonne food wasted annually
GMT 08:21 2015 Saturday ,14 February
Putin, a prisoner of the past
GMT 12:28 2017 Sunday ,12 March
War comes to Westeros as ‘Game of Thrones’ unveils July return
GMT 20:55 2017 Wednesday ,26 April
Iraqi Premier Meets Australian Counterpart
GMT 07:55 2018 Tuesday ,09 January
Syria regime takes on two rebel bastions
GMT 08:44 2017 Tuesday ,12 September
On 9/11 anniversary, Al-Qaeda rebounding as a threat
GMT 23:28 2017 Wednesday ,04 January
26 dead, 18 missing, as Typhoon Nock-Ten leaves
GMT 07:46 2015 Saturday ,18 April
Pantene Pro-V to launch Perfect Hydration collection
GMT 20:39 2017 Tuesday ,25 April
Thai junta defends 'cheap' $393 mn Chinese sub purchase
GMT 13:18 2017 Wednesday ,27 December
Coutinho inspires Liverpool routGMT 06:02 2011 Friday ,11 November
Acrobat seagull stealing a shrimp dinnerGMT 10:48 2013 Wednesday ,05 June
Interior design ideas for bedrooms
GMT 12:14 2017 Monday ,25 December
Ford chief apologizes for sex harassment
GMT 17:57 2016 Tuesday ,15 November
Fendi Coutureِ Fall/Winter 2016-2017
GMT 11:43 2017 Saturday ,14 January
Climate change could threaten parasites, destabilize ecosystemsGMT 09:13 2011 Saturday ,01 October
Chemical-munching mussels contaminating Great Lakes
GMT 12:05 2015 Thursday ,05 March
South Korean President to visit Qatar on Friday
GMT 10:08 2017 Tuesday ,21 February
To probe sexual harassment claims
GMT 13:16 2017 Wednesday ,22 November
Thai Trade Exhibition UAE 2017 inaugurated yesterday
GMT 18:44 2017 Monday ,18 December
Ouch! Sea lions attack swimmers
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor