ZURICH, March 18 (Reuters) - Swiss bank UBS has seen relatively low losses in its Lombard lending portfolio and feels comfortable with its liquidity despite market drops amidst the coronavirus pandemic, Chief Financial Officer Kirt Gardner said on Wednesday.
“We have a conservative risk profile, a high-quality credit portfolio and relatively limited exposure to highly impacted industries like oil and gas or air transportation at $1.4 billion and $1.9 billion, respectively,” Gardner said at the Morgan Stanley European Financials Conference. “While we have seen significant increase in margin calls, we’ve experienced very few losses to date across our Lombard portfolio.”
The bank, which is the world’s largest wealth manager, thus far is on track or ahead of schedule on its strategic goals for the year, Gartner said, but added the situation related to the pandemic was developing. (Reporting by Brenna Hughes Neghaiwi and Oliver Hirt, Editing by Michael Shields)