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 19:53 2017 Thursday ,09 March
ECB stands firm on stimulus, but says urgency eases
GMT 12:00 2018 Thursday ,13 December
Liverpool, Manchester City seek neighbours' help in title chase
GMT 09:24 2018 Wednesday ,12 December
LuLu supports KFUPM Rectors Cup marathon
GMT 01:01 2017 Saturday ,04 February
Papers cast new light on Britain’s ‘mad’ George III
GMT 15:04 2018 Monday ,08 January
Imam inaugurates move back to the Prophet’s Mihrab
GMT 08:43 2017 Thursday ,09 November
Cindy Crawford: Timeless Beauty
GMT 11:19 2017 Tuesday ,11 April
13 Houthis killed in Yemeni ambush in Maton
GMT 05:54 2018 Tuesday ,04 September
This UAE airline is offering cheaper economy tickets
GMT 11:54 2017 Tuesday ,29 August
Israeli military infiltrates Gaza border
GMT 18:23 2017 Monday ,28 August
Jordan King leaves for Canada
GMT 17:39 2016 Tuesday ,15 March
UAE's MBRSC launches "Red Planet", first Arab space science magazine for kids
GMT 09:36 2018 Wednesday ,24 January
Trump angers China, South Korea with new trade tariffs
GMT 14:19 2018 Saturday ,20 January
Brazil 'ungovernable' if court blocks
GMT 14:31 2017 Friday ,21 April
Some Egyptian dramas are out of Ramadan season
GMT 11:01 2017 Tuesday ,31 October
Libya’s Presidential Council calls UN Security Council for position
GMT 07:46 2017 Saturday ,21 October
Ringing in Pakistani bridal week
GMT 11:34 2017 Thursday ,20 April
Sino-Oman Industrial City foundation laid
GMT 12:24 2017 Saturday ,15 April
Large asteroid to hurtle past Earth on April 19
GMT 08:10 2017 Wednesday ,04 October
Trial pitting Waymo against Uber delayed a month
GMT 13:13 2017 Sunday ,15 October
Squeeze on UK health gives advanced
GMT 13:03 2018 Sunday ,09 December
OSCE's document on protection of journalists adopted thanks to Russian efforts
GMT 20:11 2018 Wednesday ,05 December
EU wants INF Treaty 'preserved and fully implemented'
GMT 12:20 2018 Tuesday ,04 December
US Senators pen letter urging President Trump not to pull out of INF
GMT 12:56 2018 Tuesday ,13 November
Former Menoufiya governor sentenced to 10 years in prison for bribery
GMT 12:31 2018 Tuesday ,06 November
Oman signs 1.1-bln-USD funding deal to improve gas network
GMT 04:32 2017 Friday ,27 January
RTA develops process for registration, management of intangible assets
GMT 06:01 2016 Sunday ,04 December
UAE Minister discusses strengthening cultural ties with Poland, UK
GMT 14:46 2018 Friday ,28 September
Bahrain’s handball victory over Japan
GMT 14:58 2018 Tuesday ,25 September
GCC, Oman discuss Expo Dubai 2020 preparations
GMT 15:08 2018 Monday ,17 September
Wang Yi’s visit to Pakistan for bilateral collaboration
GMT 07:47 2015 Monday ,19 October
Air France turbulence doesn't reflect state of country
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor