UBS shares jump after mortgage settlement with US
Shares of Swiss bank UBS rose 3.8 percent on Monday after it pre-announced second quarter results that were better than expected. The bank also said it had reached a settlement with the U.S. housing regulator over sales of mortgage-backed securities between 2004 and 2007.
While UBS didn't disclose the size of the charge to settle the U.S. case, it did confirm that it would book pre-tax charges of 865 million Swiss francs ($919.6 million) for "settling all litigation matters" and for "impairment of financial assets".
UBS estimated net profit for the second quarter of 690 million Swiss francs ($734.1 million), compared to analysts' expectations of 558 million Swiss francs. It reported net profit of 425 million Swiss francs for the same quarter last year. Detailed earnings are due on July 30.
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