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UBS profits leap in first quarter

The country's largest financial group, UBS, has reported a record result for the first quarter 2000, with profit surging by 41 per cent to SFr2.2 billion.

In a statement from Basel, UBS said that group assets under management increased by SFr232 million to SFr1.77 billion.

"This is an outstanding result for the group as a whole and reflects strong performance across the major business groups," the statement said.

It added that, adjusted for the recent share split, basic earnings per share increased from SFr3.75 in the first quarter of 1999 to SFr6.04, comfortably achieving the target of double-digit growth.

In its outlook for the year as a whole, UBS said that past experience had shown that the first quarter was often the strongest. However, UBS added that, assuming market conditions remained positive, it was confident that a strong performance relative to 1999 could be maintained.


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