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What a contrast to Credit Suisse: UBS reported a net profit of $1.03 billion in the first quarter. CS had released its quarterly figures on Monday and again had to report a heavy loss. Corrected, it was minus 1.3 billion francs in CS in the first quarter before tax. Customer deposits of 61.2 billion Swiss francs flowed from the bank.
UBS continues to make money. Net profit of US$ 1.03 billion is 52 percent below the same quarter last year. But UBS had a record year. Therefore, analysts had already predicted that it would not be able to keep up with the previous year’s figures.
“Our good fundamental results and high capital inflows this quarter demonstrate that our customers continue to see us as a haven of stability in this uncertain environment,” said Sergio Ermotti, 62, new CEO of UBS.
+++ Update follows +++
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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