UBS sees net income jump 15 percent
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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
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%.
Sources & reporting note
Licensed archive reporting by Wikinews contributors. Text: Public domain (https://en.wikinews.org/wiki/Wikinews:Copyright). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 3 May 2005, 05:30 am IST
