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UBS records a profitable first quarter

Swiss banking giant UBS has gotten off to a good start in 2011.

As the bank announced on Tuesday, it made a net profit of SFr1.8 billion ($2.03 billion) in the first quarter of this year.

That’s 18 per cent less than a year ago, but still seven per cent more than in the final quarter of 2010.

The net inflow of new money from January to March totalled SFr22.3 billion – in comparison with the SFr7.1 billion that came in during the previous quarter.

Financial analysts had predicted that the bank’s new assets would total only about SFr10.8 billion.

UBS chief executive Oswald Grübel said that the improving figures reflected the reestablished trust of the bank’s clients. and agencies


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