UBS reports $2.57bn profit for first quarter

4 May 2010

Swiss bank UBS has reported a pre-tax profit of 2.8 billion Swiss francs ($2.57 billion) across its operations in the first quarter of the year.

The strong results saw all of UBS' business divisions reporting a profit, with the annualized return on equity reaching 21 per cent for investors.

Oswald Grubel, the chief executive officer of UBS, said the figures leave the bank in a good position to meet its medium-term targets.

"[We] delivered a good profit while managing our costs and using our balance sheet and risks in a disciplined way," he stated.

The revenue figure matches a forecast made by UBS last month, in which it was stated the bank was expecting to record profits of "at least" 2.5 billion Swiss francs.

It published the estimate for the first three months of the year ahead of its annual general meeting, an event which was held on April 14th 2010.

By Asim Shah

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