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 18:26 2018 Friday ,14 December
Mashrou’ Leila headline Apple event in DubaiGMT 10:00 2012 Monday ,16 January
Iranian press festival for Muslim women opens
GMT 20:46 2018 Wednesday ,05 December
World Bank funds water projects in North Kordofan State
GMT 10:51 2017 Sunday ,20 August
Steve Bannon resigns as White House chief strategist
GMT 11:31 2017 Saturday ,11 November
MEDays Forum panel looks to spur economic growth
GMT 20:53 2018 Friday ,30 November
40 Houthi rebels killed in clashes with Yemeni gov't forces
GMT 06:49 2018 Tuesday ,23 October
"Tbilisi Fashion Week" Spring Summer 2019 ended
GMT 14:40 2018 Friday ,05 October
Hong Kong declines to renew visa of Financial Times journalist
GMT 12:24 2018 Friday ,28 September
Al Sissi urges restart of Mideast peace talks
GMT 10:44 2018 Wednesday ,26 September
Venezuelan president Maduro says ready to meet Trump
GMT 11:20 2018 Saturday ,20 January
China sees births fall despite push
GMT 19:48 2017 Monday ,02 October
Egypt's Wali in Amman for Arab meeting
GMT 14:15 2017 Wednesday ,20 December
47 ships transit Suez Canal
GMT 09:50 2017 Thursday ,14 December
Heads for Moscow for Egypt-Russia flight resumption
GMT 14:43 2017 Tuesday ,12 December
Celtics turn tables on Pistons, Oladipo shines
GMT 11:52 2017 Wednesday ,15 November
Boeing announces $27bn order from flydubai
GMT 04:26 2017 Thursday ,02 March
Balqees, Assaf to take stage at Dubai Lynx
GMT 21:10 2017 Thursday ,04 May
Hegazy inspects educational process at NCOs institute
GMT 14:23 2018 Monday ,10 December
Settlement plan to link center of Israel with the Palestinian Jordan Valley
GMT 17:59 2018 Friday ,16 November
Funeral Prayer for Khashoggi Performed at Prophet Mosque
GMT 14:51 2018 Thursday ,15 November
Volkswagen expects challenging Chinese car market in 2019
GMT 12:29 2018 Thursday ,15 November
Dubai Tourism to inaugurate ‘HITEC Dubai 2018’
GMT 16:06 2018 Tuesday ,06 November
Drug-resistant bugs claim 33,000 lives a year in Europe
GMT 12:59 2018 Thursday ,25 October
Kremlin amused at report about Russian intelligence agencies tapping Trump’s phone
GMT 08:42 2018 Tuesday ,16 October
North Korea slams US for ‘evil’ sanctions push
GMT 07:54 2018 Sunday ,14 October
Egypt keen on cooperating with UN to achieve 2030 Sustainable Development
GMT 13:34 2017 Saturday ,22 July
Sisi raises Armed Forces flag on the Military Base
GMT 09:32 2017 Sunday ,13 August
Huge explosion hits Daesh site in Iraq
GMT 01:32 2017 Saturday ,15 April
Russia's Putin earns about 157,000 USD in 2016
GMT 10:35 2017 Saturday ,16 September
Clashes renewed between Houthi militias and Saleh’s forcesGMT 04:07 2011 Tuesday ,26 July
Norway gunman claims active network at court hearing
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