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Zurich - Swiss banking giant UBS, which had been hit hard by the subprime crisis, said on Friday it would break even or report a slight loss for the second quarter.
In a statement, the bank said its second quarter results "are likely to be at or slightly below break-even", marking a sharp contrast from its massive first quarter loss of 11.54bn Swiss francs.
It said that further market deterioration led to writedowns and losses on positions held by its investment bank divison, but positive contributions from other divisions such as wealth management had offset the impact.
In addition, a tax credit of approximately 3bn Swiss francs would help boost its accounts for the quarter ending June 30.
It said it expected its Tier 1 capital ratio - a measure of capital adequacy - to be at approximately 11.5%, and that it did not need to raise new equity.
UBS has written down over $37bn in assets since the subprime crisis emerged last year.
- AFP