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| Version 1 | Version 2 |
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| UBS reports profit despite trading scandal | UBS reports profit despite trading scandal |
| (40 minutes later) | |
| Swiss bank UBS has reported a better-than-expected third-quarter net profit of 1bn Swiss francs ($1.1bn; £710m) | Swiss bank UBS has reported a better-than-expected third-quarter net profit of 1bn Swiss francs ($1.1bn; £710m) |
| This was despite being hit by a 1.8bn franc loss from deals made by alleged rogue trader Kweku Adoboli. | |
| When the deals were uncovered in London last month, UBS warned that it might have to report a loss for the quarter. | |
| The results are lower than the 1.66bn franc profit reported in the same quarter a year ago, but identical to the 1bn francs it posted last quarter. | The results are lower than the 1.66bn franc profit reported in the same quarter a year ago, but identical to the 1bn francs it posted last quarter. |
| UBS said it had been hit by unauthorised trading on 15 September, shortly after Mr Adoboli was arrested in London. | |
| In its report, the Swiss banking giant said that controls on certain trades had not been working properly and that checks to ensure that internal transactions were recorded accurately had failed. | |
| UBS added: "We have taken and are taking measures to address these control deficiencies." The bank said investigations were continuing. | |
| Although the bank acknowledged that the current economic climate could be turbulent, interim chief executive Sergio Ermotti said the outlook for UBS clients and shareholders was "unquestionably solid". |