UBS expects profit for second quarter
Source: Agencies |
April 13, 2010, Tuesday
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Print Edition
Print Edition
SWISS bank UBS AG said yesterday it expects to announce a pretax profit of at least 2.5 billion Swiss francs (US$2.36 billion) when it releases its first-quarter results next month.
The result would be the second quarterly profit in a row for the Swiss bank, which has been struggling to win back the confidence of wealthy customers and investors after a series of losses and a long-running tax evasion spat with the United States.
UBS hit fourth-quarter net earnings of 1.205 billion francs following three consecutive losses in 2009. Its year-ago first-quarter loss amounted to 1.98 billion francs.
The announcement comes ahead of Wednesday's annual shareholder meeting, at which the bank is expected to face strong criticism from investors for wanting to discharge former executives of their responsibility for the record losses it suffered over the past two years. UBS has also drawn fire recently for lavishing almost 70 million francs in bonuses on senior executives, even as the road to recovery appears uncertain.
The Zurich-based bank said customer withdrawals slowed to 18 billion francs in the first quarter compared with the previous three months when outflows amounted to 56.2 billion francs. The flow of so-called net new money is an important indicator of future business and cross-town rival Credit Suisse has seen more deposits than withdrawals in recent months.
Uncertainty remains over the outcome of UBS's tax evasion saga in the US and Swiss courts.
The result would be the second quarterly profit in a row for the Swiss bank, which has been struggling to win back the confidence of wealthy customers and investors after a series of losses and a long-running tax evasion spat with the United States.
UBS hit fourth-quarter net earnings of 1.205 billion francs following three consecutive losses in 2009. Its year-ago first-quarter loss amounted to 1.98 billion francs.
The announcement comes ahead of Wednesday's annual shareholder meeting, at which the bank is expected to face strong criticism from investors for wanting to discharge former executives of their responsibility for the record losses it suffered over the past two years. UBS has also drawn fire recently for lavishing almost 70 million francs in bonuses on senior executives, even as the road to recovery appears uncertain.
The Zurich-based bank said customer withdrawals slowed to 18 billion francs in the first quarter compared with the previous three months when outflows amounted to 56.2 billion francs. The flow of so-called net new money is an important indicator of future business and cross-town rival Credit Suisse has seen more deposits than withdrawals in recent months.
Uncertainty remains over the outcome of UBS's tax evasion saga in the US and Swiss courts.
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