Financial, Business, Personal Finance News

Net 1, 5 billion for UBS Q1

Swiss bank UBS announced a net profit of 2.2 billion francs (1.5 billion euros) in the first quarter of 2010, after a loss of 1.98 billion francs in the same period last year.

Analysts polled by Reuters on average expected a net profit of 2.02 billion francs.

The bank had warned the markets before its general meeting that it anticipated a positive result before tax "of at least 2.5 billion francs.This post finally rises to 2.81 billion for the period under review.

On this occasion, the school had indicated that the net outflow of money in all activities had been "significantly lower than the fourth quarter of 2009.

UBS, which included a net outflow of 8 billion francs in wealth management and Swiss Bank, has reported a final amount of 8.2 billion.

The bank anticipated output of 7 billion in Wealth Management Americas and 3 billion for its asset management, and withdrawals have finally amounted to 7.2 billion and 2.6 billion respectively.

The investment bank has marked her return, earnings before taxes have tripled to 1.19 billion francs from 297 million a year earlier.The segment of trading bonds, currencies and commodities (FICC) has quintupled its revenues to 2.17 billion against 496 million a year earlier.

The equity ratio improved to 16% at end March 2010 against 15.4% at end December 2009.

"We are well positioned to achieve our medium term," said CEO Oswald J. Grübel, quoted in the statement.

UBS expects a gradual improvement of the results of asset management and asset management, adding that the net outflow of capital would be "relatively moderate in the coming time."