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| UBS aims $14.7 bn profit annually in next 3-5 yrs |
| Press Trust of India / Zurich/New Delhi Nov 17, 2009, 18:35 IST |
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Swiss banking major UBS today said it aims to achieve the target of about 15 billion Swiss francs (around $14.7 billion) pre-tax profits per year over the next three to five years.
UBS reported a loss of 564 million Swiss francs in third quarter of 2009.
However, UBS saw some improvement sequentially, as it had a net loss of 1.4 billion Swiss francs in the second quarter.
The continuing transformation of UBS and the execution of the business strategies presented to investors would enable it to meet specific goals over medium term (3-5 years), it said in a statement.
"The transformation we are undertaking is a fundamental one and it will not happen quickly. I am determined, however, that we build a firm for sustainable profit and not one to focus only on short-term expectations," UBS Group Chief Executive Officer Oswald J Grubel said.
The company said its Asia business would assist all divisions in meeting their medium-term targets. Asia Pacific is firm's most integrated region, where UBS is eyeing 66 per cent revenue growth to 8.5 billion Swiss francs.
"We are building a new UBS: one that performs to highest standards and behaves with integrity and honesty...I am convinced that changing the way we engage and serve clients will enable us to achieve medium-term financial targets to which we are committing ourselves," Grubel added.
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