Arab Today, arab today ubs net profit surges 88 in first quarter
Last Updated : GMT 05:43:04
Arab Today, arab today
Arab Today, arab today

UBS net profit surges 88% in first quarter

Arab Today, arab today

Arab Today, arab today UBS net profit surges 88% in first quarter

UBS
Zurich - AFP

Switzerland's biggest bank UBS Tuesday reported an 88 percent surge in first quarter profits, despite a strong franc, outstripping analysts' forecasts.

Profits soared to 1.9 billion Swiss francs (1.8 billion euros, $2 billion) from 1.05 billion Swiss francs in the previous year as its wealth management business raked in the biggest profit since the global economic crisis struck in 2008.

The results were far higher than the 1.1 billion Swiss francs forecast by analysts polled by Swiss financial agency AWS.

Operating revenues, equal to turnover, climbed 22 percent to 8.8 billion Swiss francs, the bank said in a statement.

The wealth management business posted an operating pre-tax profit of 951 million francs while the wealth management Americas division earned 253 million Swiss francs. The combined figure was the highest level since 2008.

"I'm pleased with the strong quarter," said UBS chief executive Sergio Ernotti.

"The results again demonstrate the benefits of a strategy defined early and executed with a focus on long-term value creation."

The investment bank posted a pre-tax profit of 774 million Swiss francs against 425 million in the previous year, boosted by high market volatility which increased earnings from foreign exchange, rates and credit and global financing services.

UBS said it had taken measures to adapt its wealth management rates, taking into account negative interest rates in Switzerland and some other European countries.

"Excluding potential outflows associated with these initiatives, we expect our wealth management businesses will continue to deliver positive net new money in the second quarter," the bank said.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ubs net profit surges 88 in first quarter Arab Today, arab today ubs net profit surges 88 in first quarter

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ubs net profit surges 88 in first quarter Arab Today, arab today ubs net profit surges 88 in first quarter

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday