Arab Today, arab today ubs net profit surges 88 in first quarter
Last Updated : GMT 07:52:53
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.

 

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
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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