UBS 1st-quarter net off 18%
TEL AVIV (MarketWatch) – UBS, the Basel financial-services firm, reported that first-quarter net income fell 18%. Net income was 1.81 billion Swiss francs ($2.06 billion), or 0.47 Swiss francs a share, compared with 2.2 billion francs, or 0.58, in the year-earlier quarter. Revenue totaled 8.3 billion francs. A survey of analysts by Dow Jones Newswires produced a consensus estimate of profit of 1.84 billion francs. Net revenue from interest on loans, after credit-loss expense, slipped 8% to 1.78 billion francs. Net revenue from commissions and fees fell 3% to 4.24 billion francs. Total operating expense fell 1% to 6.11 billion francs. Second-quarter trading volumes in the equity markets should remain around the level of the first quarter, which “should support transaction-based income in our wealth-management businesses and flow trading in the investment bank,” UBS said in a Tuesday statement.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
View full post on All Stories
