UBS announces Q1 profits

by Richard Kilner

Story link: UBS announces Q1 profits

Swiss investment bank UBS has announced its financial results for the first quarter of 2010, including pre-tax profits of CHF2.8bn.

UBS also made net profits of CHF2.2bn, a significant improvement on the multi-billion loss suffered in the same quarter the previous year, and around CHF1bn better than Q4 2010.

The investment bank recorded a BIS tier 1 capital ratio of 16.0%, up 0.6% from December last year, with core tier 1 capital ratio increased by the same margin to 12.5%.

Group Chief Executive Officer Oswald J. Grübel has said that the firm is in a good position to achieve its medium term goals, and stated that the bank managed to cuts costs and manage risk effectively last year whilst at the same time earning good profits.