Tuesday, May 3, 2005 Swiss banking giant UBS today reported better than expected first-quarter results - but warned investors that full year results could be hit by weaker investment banking revenues.
First-quarter net profit stood at 2.625bn Swiss francs (US$2.19bn; €1.7bn) up 15% from last year's 2.28bn Swiss francs. Assets under management grew to 2.36 trillion Swiss francs (US$1.97 trillion; €1.53 trillion); an increase of 21.2bn Swiss francs on last year.
Despite the solid performance, CFO Clive Standish told the media "Clearly we have seen a slowing of the markets over the quarter, particularly in March... There is a perceptible slowdown in markets as we speak."
Reacting to the pessimism, UBS shares dropped 1.5%.
== Sources ==
"UBS cautious despite huge profits" — CNN, May 3, 2005
"UBS Posts Record Earnings on Wealth Management Fees" — Bloomberg, May 3, 2005
Douwe Miedema. "UBS cautious for '05 despite strong start" — MSN Money, May 3, 2005