Credit scenario update drives UBS loan-loss reserves higher

- By Lorenzo Migliorato
- 21 Jul 2020

UBS downgraded its economic outlook in Q2 as the coronavirus pandemic worsened. The change contributed to a $272 million provision charge to cover souring loans.

Expected credit loss (ECL) provisions taken for IFRS 9 stage one and two loans – those that are yet to default – hit $202 million for the three months to end-June, up from $89 million in Q1. Of this amount, $127 million was taken to

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