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First Quarter Report 2006
May 4, 2006
| At a glance |
UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 3,504 million in first quarter 2006, up from CHF 2,625 million in the same period a year earlier. This includes a contribution from discontinued operations of CHF 314 million related to Motor-Columbus, which was sold in first quarter 2006. Attributable profit from continuing operations was CHF 3,190 million. Financial businesses contributed CHF 3,048 million to first quarter attributable profit. Industrial holdings, including our private equity portfolio, contributed CHF 456 million, or 13.0%, to UBS’s attributable profit, of which CHF 142 million stemmed from continuing operations. This segment comprised 4.3% of UBS operating income and 4.0% of operating expenses. |
Financial Businesses & Industrial Holdings
Global Wealth Management & Business Banking
Global Wealth Management & Business Banking’s pre-tax profit was CHF 2,021 million in first quarter 2006. Pre-tax profit for the international and Swiss wealth management businesses was a record CHF 1,276 million in first quarter 2006, up 14% from fourth quarter 2005. In the US, pre-tax profit rose to CHF 186 million from CHF 83 million in fourth quarter. Net new money from all wealth management businesses totaled CHF 33.6 billion in first quarter, a new record. Business Banking Switzerland’s pre-tax profit was CHF 559 million, up 3% from fourth quarter.
Global Asset Management
Global Asset Management’s pre-tax result was CHF 374 million in first quarter 2006, 23% higher than the CHF 305 million achieved in fourth quarter 2005, and 67% above the CHF 224 million reported in first quarter 2005. Strong performance fees earned in alternative and quantitative investments as well as in traditional asset classes combined with higher asset-based fees, reflecting both net new money inflows and rising financial markets, contributed to this performance.
Investment Bank
In first quarter 2006, the Investment Bank posted a pre-tax profit of CHF 1,750 million, up 34% from the same period last year, making this our most profitable quarter ever. Revenue growth in all business areas more than offset an increase in compensation and general and administrative expenses.
Corporate Center
Corporate Center recorded a pre-tax loss of CHF 170 million in first quarter 2006 compared to a loss from continuing operations of CHF 242 million in fourth quarter 2005 and CHF 26 million in first quarter 2005.
Industrial Holdings
In first quarter 2006, industrial holdings reported a net profit from continuing operations of CHF 198 million, of which CHF 142 million was attributable to UBS shareholders.
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