25 Oct '11, 6am

Swiss banking giant UBS posts $1.45 billion profit in Q3, despite rogue trading scandal

Swiss banking giant UBS said that its third quarter net profit reached 1.018 billion francs (S$1.45 billion), despite a rogue trading scandal. -- REUTERS ZURICH (AFP) - Swiss banking giant UBS said on Tuesday that its third quarter net profit reached 1.018 billion francs (S$1.45 billion) even though it had to take a 1.849 billion franc charge due to a rogue trading scandal. When the bank first announced the discovery in mid-September of massive fraud perpetrated by 31-year-old trader Kweku Adoboli, it warned that it might have to report a loss for the third quarter. It later said it would report a 'modest net profit.' On Tuesday, the bank said an own credit gain as well as returns from the sale of treasury-related investments helped it to offset the losses. It also recorded an income tax benefit of 40 million francs. In addition, it managed to bring in 4.9 billion francs w...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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