Mixed Results For Leading Swiss Banks
Switzerland's two leading banks, Credit Suisse and UBS experienced the second
quarter to June very differently, according to figures released this week. Credit Suisse, Switzerland's second largest bank, announced a second quarter
net loss of SFr579 million ($368.8 million), according to the Swissinfo news
service, blaming the 'unsatisfactory' result on weak equity markets. UBS, on the other hand, posted a net profit for the quarter of SFr 1.331 billion
($890.3 million), although this still represents a fall of 4% on the same period
last year. Commenting on the favourable results, UBS Group President, Peter Wuffli told
Swissinfo that: 'We have weathered the storm reasonably well, no disasters despite
the rough market conditions.' However, he added that the bank does not expect to escape the recent market
turbulence completely, and predicted that UBS' full-year results would likely
not match those achieved last year. 'Overall (it's) a mixed picture and quite a high degree of uncertainties,'
the UBS chief observed. .
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