UBS sees net income jump 15 percent
Tuesday, May 3, 2005
First-quarter net profit stood at 2.625bn Swiss francs (US$2.19bn; €1.7bn) up 15% from last year's 2.28bn Swiss francs. Assets under management grew to 2.36 trillion Swiss francs (US$1.97 trillion; €1.53 trillion); an increase of 21.2bn Swiss francs on last year.
Despite the solid performance, CFO Clive Standish told the media "Clearly we have seen a slowing of the markets over the quarter, particularly in March... There is a perceptible slowdown in markets as we speak." Reacting to the pessimism, UBS shares dropped 1.5%.
- "UBS cautious despite huge profits" — , May 3, 2005
- "UBS Posts Record Earnings on Wealth Management Fees" — , May 3, 2005
- Douwe Miedema. "UBS cautious for '05 despite strong start" — , May 3, 2005