For the quarter period ended 30 June 2012, the bank’s pre-tax profit decreased 45.3% to CHF951m ($970.9m) from CHF1.7bn ($1.74bn) of first quarter of 2012, primarily reflecting lower trading revenues, excluding own credit, as well as a decline in net fee and commission income and higher operating expenses.
Wealth Management segment pre-tax profit was CHF502m ($512.5m) in the second quarter of 2012, down 25% against CHF672m ($688m) in the previous quarter, primarily as the first quarter included a credit to personnel expenses of CHF237m ($241.9m) related to changes to Swiss pension plan.
Wealth Management Americas segment pre-tax profit was $211m against $143m, as a 1% rise in operating income was only partially offset by an increase in operating expenses.
The Investment Banking segment registered a pre-tax loss of CHF130m ($132.6m) in the second quarter of 2012 compared to CHF401m ($410m) during the first quarter of 2012.
UBS Group CEO Sergio P Ermotti said, "Looking ahead, we will continue to focus on prudent liquidity management, further reducing risk-weighted assets and delivering the best possible service to our clients."
Global Asset Management pre-tax profit in the second quarter was CHF118m ($120m) compared to CHF108m ($110.5m) in the first quarter, backed by lower performance fees, especially in alternative and quantitative investments.
Retail & Corporate segment pre-tax profit was CHF399m ($407m) from CHF421m ($431m) in the previous quarter, which included a credit to personnel expenses of CHF190m ($194m) related to changes to Swiss pension plan.
