UBS sees net income jump 15 percent
{{date|May 3, 2005}}<br>

[[:Category:Switzerland|Swiss]] banking giant [[w:UBS|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, [[w:Chief Financial Officer|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==

*{{source|url=http://edition.cnn.com/2005/WORLD/europe/05/03/ubs.caution.reut/| title=UBS cautious despite huge profits | author= |pub=CNN|date=May 3, 2005}}
*{{source|url=http://quote.bloomberg.com/apps/news?pid=10000006&sid=aFrEnTgU1z60&refer=home| title=UBS Posts Record Earnings on Wealth Management Fees | author= |pub=Bloomberg|date=May 3, 2005}}
*{{source|url=http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20050503&ID=4417087| title=UBS cautious for '05 despite strong start | author=Douwe Miedema |pub=MSN Money|date=May 3, 2005}}

 
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[[Category:Europe]]
[[Category:Switzerland]]
[[Category:Economy and business]]
[[Category:published]]
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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