About: http://data.cimple.eu/news-article/0c0c9aed00e1b6f17bc71ae03eeda1fd4afb13834957ee5e21070296

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About: http://data.cimple.eu/news-article/0c0c9aed00e1b6f17bc71ae03eeda1fd4afb13834957ee5e21070296 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Swiss banking giant UBS reported Tuesday a dip in second quarter earnings as it stepped up provisions for bad loans in a global economy that has been sent into a tailspin by the coronavirus pandemic. Net profit slid by 11 percent from the April-June period last year to $1.2 billion (1.1 billion euros), while operating profits nudged 2 percent lower to $7.4 billion. Banks need to set aside certain amounts for expected loan losses depending on the macroeconomic situation and their expectations whether a firm will be able to pay it back, irrespective of whether it has yet to miss a payment. The global economy is facing a contraction unseen since the Great Depression and a wave of company failures. UBS took $272 million in charges to treat expected loan losses in the second quarter, after $268 million in the first. The added credit loss expenses pushed down the bank's performance. Without them, profit before tax would have increased by 10 percent in the second quarter, instead sliding by 5 percent, UBS said. The bank declined to offer specific guidance about dividend payments and share buybacks but said its "intention is to continue to pay out excess capital and maintain the overall capital returns to shareholders consistent with previous levels." It did indicate it may resume share repurchases in the fourth quarter of this year depending on business developments. Governments in many nations have put pressure on companies to halt such payments to shareholders when they are cutting staff and tapping government support mechanisms put in place to attenuate the coronavirus economic shock. noo/rl/ach
schema:headline	Bad loan provisions weigh on UBS earnings
schema:mentions	UBS Slid (Fluke song) Dividend Great Depression Spa town Switzerland Pandemic Coronavirus Spin (aerodynamics) Macroeconomics Net income
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-21 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	77 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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