The Telegraph has a strange headline for its story today on UBS's latest results:

UBS profits beat forecasts despite rogue trading scandal

UBS has reported a pre-tax profit of close to Sfr1bn (£709m) for the third quarter despite being hit by a Sfr1.8bn loss from an alleged rogue trading incident.

I don't think this is what they mean. Presumably when they broke it to the markets that they'd had a serious fraud, the forecast was restated to take account of it.

So it might certainly be the case that the bank did better than analysts expected. But it's wrong that the scandal had no impact whatsoever on the bank's ability to meet its original forecasts.

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Filed under: Accounting, Other blogs with tags banks, fraud, telegraph, ubs