Though the Swiss bank did not give details about what the modest profit might look like but it did say that the net new assets in its wealth management business would be similar to the second quarter of 2011 when it reported client inflows of US$6.1 billion.
The "modest" quarterly profit was generated by one-off items and the alleged unauthorized trading was revealed in mid-September, leaving limited time for unhappy clients to withdraw their money.
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Speaking at a conference in London, UBS CFO Tom Naratil said that the trading scandal had not resulted in lots of clients withdrawing their money.
"We saw no material change in net new money flows as a result of the trading incident," Naratil said, adding he saw further upside to the bank’s overall performance.
"We will leverage our unique competitive advantages in wealth management while strengthening the alignment with a less complex and more focused investment bank," he added.
UBS said its Tier 1 capital ratio was expected to decline slightly from the strong 18.1% it reported at the end of the second quarter due to the trading scandal.
In the aftermath of the trading loss, revealed last month, UBS chief executive Oswald Grübel has resigned, replaced by UBS senior executive Sergio Ermotti on on a part-time basis.
