Zurich: The major Swiss bank UBS suffered large losses in thethird quarter, as it absorbed the financial impact of its CreditSuisse takeover.
Not accounting for the costs of integrating Credit Suisse, however,the bank posted a significant pre-tax profit.
UBS posted a loss of $785 million in the third quarter, it announcedin Zurich on Tuesday. This quarter is the first in which CreditSuisse is fully included. In the second quarter, only June wasincluded in the UBS financial statements.
UBS estimates its pre-tax loss for the third quarter at $255 million.Adjusted - without the costs of the Credit Suisse integration - theresult was plus $844 million.
Adjusted for takeover effects, pre-tax profit at Group level was $1.1billion in the previous quarter.
The situation at Credit Suisse has stabilized further, according tothe firm's press release. For the first time since the first quarterof 2022, new money inflows were generated again in a quarterly periodin Credit Suisse's wealth management business, it said. The bank saidit was making efforts to recover assets from Credit Suisse clients.
Overall, the UBS Group acquired net new money of $22 billion in itscore business, global wealth management, in the third quarter. At theend of September, UBS thus managed assets totalling $5.4 trillion atoverall bank level. At the end of June the figure was $5.5 trillion.__DPA
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