UBS blames Q3 loss on charges

ZURICH: Swiss bank UBS AG reported a third-quarter net loss of 564 million Swiss francs ($542 million) yesterday, blaming accounting charges of 2.15 billion francs for keeping it in the red.

The Zurich-based bank recorded a net profit of 283 million francs during the same period last year.

Discounting one-time charges, UBS would have made a third-quarter pretax profit of 1.56 billion francs, it said. The bank said operating income rose 4 percent to 5.77 billion francs compared with the same period last year.