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 06:29 2018 Friday ,05 October
Russian diplomat warns US against fueling tensions between nuclear states
GMT 10:32 2018 Thursday ,08 November
Student competition exhibition kicks off in Slovakia with Syria’s participation
GMT 10:43 2018 Sunday ,14 January
Basaksehir agree Turan loan deal with Barcelona
GMT 09:59 2017 Wednesday ,20 December
Ayten Amer happy for reactions to “The Flood”GMT 11:49 2011 Sunday ,29 May
first Arab woman to climb EverestGMT 10:22 2011 Sunday ,25 December
Kunal Kapoor : Don 2 better than expected
GMT 13:33 2017 Sunday ,23 April
15 celebrities who became parents via surrogacy
GMT 03:08 2017 Sunday ,26 March
Mubarak: 30 years in power, 6 years in prison
GMT 07:19 2017 Monday ,11 September
The death toll from a major earthquake that struck southern Mexico
GMT 11:54 2017 Wednesday ,15 February
Cult Finnish director calls for compassion for migrants
GMT 08:29 2017 Saturday ,24 June
MBRGI 2016 Year in Review
GMT 09:06 2017 Saturday ,23 December
Taliban kill at least 6 Afghan police in Humvee attackGMT 10:11 2011 Sunday ,23 October
World\'s largest solar bridge project
GMT 10:03 2016 Thursday ,28 April
Putin hails first launch from Vostochny spaceportGMT 13:42 2012 Tuesday ,18 September
Little Thinkers: Arabic Nursery Rhymes Vol 1
GMT 10:04 2018 Tuesday ,13 November
Putin begins meeting with Singapore’s president Halimah Yacob
GMT 10:43 2015 Sunday ,19 April
Burundi charges 65 protesters with rebellionGMT 18:02 2011 Saturday ,20 August
Nadal, Federer out at Cincinnati tennis
GMT 16:34 2016 Sunday ,25 September
Pakistani air force jet crashes, killing pilot
GMT 09:21 2015 Saturday ,11 July
At Comic-Con in San Diego, fans are marketing superheroesGMT 05:49 2012 Sunday ,19 February
Nixon\'s Darkest Secrets
GMT 13:24 2017 Friday ,28 July
WFP warns of coming famine in YemenGMT 19:38 2011 Wednesday ,20 April
Japan exports fall as quake impact felt
GMT 23:47 2016 Tuesday ,10 May
Nairobi bourse turnover doubles as blue-chips start to announce results
GMT 10:03 2017 Monday ,26 June
Singer Assy Al Helani does not mind
GMT 18:10 2017 Wednesday ,09 August
North Korea releases Canadian pastor Hyeon Soo LimGMT 05:48 2013 Saturday ,06 April
22 bidders join Myanmar mobile telephone battleGMT 05:24 2011 Sunday ,18 December
Elder abuse acute during holidays
GMT 19:41 2017 Saturday ,15 April
Hariri runs 7 km race of Beirut Marathon
GMT 01:29 2014 Monday ,19 May
Harry Connick Jr to return as \'Idol\' judge in Season 14
GMT 09:59 2017 Monday ,10 April
Beijing hutongs: village life in the city
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