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UBS sees net income jump 15 percent

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Tuesday, May 3, 2005

Swiss banking giant UBS today reported better than expected first-quarter results - but warned investors that full year results could be hit by weaker investment banking revenues.

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%.

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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

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The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License
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