Today's numbers are most noteworthy to me by the performance of core wealth management franchise where inflows were apparent in all regions and general margin progression was ok/solid.
Elsewhere the corporate central cost reductions continued apace...
...and the reducing in size investment banking operations produced another quarter of solid returns and accounted for just over 28% of pre-central cost operating profitability:
Nevertheless (tangible) book value per share fell mostly influenced by the deeply technical 'Distribution of capital contribution reserve (within share premium)'
A year ago I mused about good upside potential from a CHF16+ share price and - via a couple of runs at CHF14 this proved up. Using a similar sum-of-the-parts methodology however still struggles to justify much more than CHF18 a share. Yes, the group is developing a higher value franchise focused on wealth management but value investors - unlike a year ago - have far less to chase here. For me I am going to sell my holding, focus on alternative opportunities in the financial sector and await a CHF18s or below UBS share price.