UBS sees Q2 NII in Global Wealth Management down sequentially LSD

UBS (UBS) said: “In the second quarter we expect net interest income in Global Wealth Management to decline sequentially by a lowsingle-digit percentage, and we see a similar decline in Personal & Corporate Banking’s NII in Swiss francs. In US dollar terms, Personal & Corporate Banking’s NII is expected to increase sequentially by a mid-single-digit percentage, based on current foreign exchange rates. Continued market uncertainty could affect the timing of execution of our Global Banking pipeline. As a consequence of tax planning measures related to the integration, we expect our effective tax rate in the second quarter to be around zero. Pull-to-par revenues3 are expected to reach $0.6B, partially mitigating the expected $1.1B in integration-related expenses. Despite this uncertain environment we are confident in our ability to deliver on our financial targets, leveraging the power of our diversified business model. We remain focused on serving our clients, executing on integration and acting as an engine of economic growth in the communities we serve.”