Two days before the next general meeting, UBS expects under its first-half net profit of 2.5 billion Swiss francs (1.7 billion euros), a figure twice in the fourth quarter of 2009 when bank had earned 1.2 billion Swiss francs (817 million euros). For 2009, UBS posted a loss of 2.7 billion Swiss francs (1.9 billion euros).
UBS said that net outflows of money were significantly lower in all activities at the fourth quarter of 2009.Thus, for the first quarter, the Swiss bank that they had reached about 8 billion Swiss francs (5.5 billion euros, -76% compared to fourth quarter 2009) for wealth management and Swiss Bank 7 billion Swiss francs (4.8 billion euros, -41.6%) for asset management in the Americas and 3 billion Swiss francs (2 billion euros, -72.7%) for asset management cheap pay day loans.A total of 18 billion Swiss francs (12.3 billion euros) in cash outflows for the first quarter 2010 against 56.2 billion Swiss francs (about 39 billion euros) for the fourth quarter of 2009.
The good news, however, overshadow the troubles facing judicial UBS in the United States, accused of helping clients to defraud the IRS.
The detailed results of UBS for the first quarter 2010 will be published May 4, 2010.
In the early morning, this announcement has pushed the UBS as the Swiss Stock Exchange of 2.32% to 18.09 Swiss francs (12.53 euros) in a market up 0.64%.
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