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UBS sees profits dip due to debt charges

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UBS sees profits dip due to debt charges

UBS endured a significant decline in profits during the first quarter of the year due to the impact of charges on its own debt.

The major European bank has revealed today (2 May) that its net profit dipped to 827 million Swiss francs ($907 million) from 1.11 billion 12 months previously during the first three months of 2012.

According to the report issued by the financier - which is headquartered in Zurich and employs more than 65,000 people worldwide - this downward trend was predominantly down to the $1.27 billion penalty it was forced to pay in debt interest.

Furthermore, UBS indicated it is unlikely to perform much better in the second quarter as factors such as the ongoing eurozone debt crisis and worries regarding the continental banking system continue to affect business.

"Failure to make progress on these key issues would make further improvements in prevailing market conditions unlikely," the lender admitted.

By Asim Shah

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