Swiss lender UBS reported a group pre-tax
profit of CHF2.8bn ($2.6bn) for the first quarter of 2010,
confirming its highest quarterly profit since the start of the
financial crisis.
UBS reported that its ultra high net worth
segment had also increased, indicating a return of wealthy clients
following strong client outflows throughout 2009.
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Its wealth management & Swiss bank
increased pre-tax profits by 5 percent to CHF1.16bn.
Net asset flows could be positive in the
second quarter of 2010 following a reduction in withdrawals in the
first quarter to CHF8bn for its wealth management and Swiss bank
groups from CHF32.9bn in the fourth quarter.
Total net outflows from Swiss wealth
management were CHF1.2bn, down from CHF1.7bn in the fourth quarter
of 2009.
The world’s second-largest wealth manager said
its first quarter net new money (NNM) outflows were negative in
Europe but there were continued NNM gains in Asia-Pacific in the
first quarter of 2010.
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By GlobalDataUBS shed CHF33.2bn in client assets in the
fourth quarter of 2009, taking its outflows in fiscal 2009 to
CHF101bn, 6.3% of 2008 year-end assets.
In other news, Espirito Santo, the Swiss
private banking subsidiary of Portuguese banking group Espírito
Santo, reported its net profit was down 26% to CHF 8.9m for its
2009 financial year.
It said it will continue to expand its
activities abroad with the establishment of a representative office
in Poland, scheduled for the first half of this year.
