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UBS Group AG may delay releasing its second-quarter results until end-August when it could also provide an update on its plans for Credit Suisse Group AG’s local business, the Financial Times reported.
UBS is due to report its earnings on July 25, but complexities include unfinalised details of government support in its emergency takeover of Credit Suisse and different accounting systems of the two banks, the paper said, citing people it didn’t identify.
It declined to comment to the FT on discussions to delay announcing second-quarter results.
UBS is gearing up for an estimated $34.8 billion gain as a result of its rescue of Credit Suisse, while warning it also faces billions in potential legal and regulatory costs.
While it’s benefiting from a 9 billion Swiss franc ($9.9 billion) state guarantee for a certain portion of losses that it may incur on Credit Suisse positions, CEO Sergio Ermotti has said it was “exceptionally unlikely†that the government will end up taking a financial hit.
Analysts have pointed out that Credit Suisse’s local business, the Swiss Universal Bank, is probably worth multiple times what UBS paid for the company.