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First Quarter Report 2007
May 3, 2007
| At a glance |
UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 3,275 million in first quarter 2007, down from CHF 3,504 million in the same period a year earlier. Attributable profit from continuing operations was CHF 3,270 million. Financial businesses contributed CHF 3,188 million to first quarter attributable profit, with CHF 3,182 million stemming from continuing operations. Industrial holdings, including our private equity portfolio, contributed CHF 87 million to UBS’s attributable profit, down from CHF 456 million last year, when we sold Motor-Columbus. |
Financial Businesses & Industrial Holdings
Global Wealth Management & Business Banking
Global Wealth Management & Business Banking’s pre-tax profit was a record CHF 2,244 million in first quarter 2007, an increase of 3% from fourth quarter 2006. Pre-tax profit for the international and Swiss wealth management businesses, at an all-time high of CHF 1,501 million, was up 6% from fourth quarter 2006. Wealth Management US’s pre-tax profit was CHF 171 million, down slightly from fourth quarter 2006. Net new money inflows from the wealth management businesses were CHF 44.8 billion in first quarter, more than double last quarter’s performance. Business Banking Switzerland’s pre-tax profit was CHF 572 million, down 4% from fourth quarter 2006.
Global Asset Management
Global Asset Management’s pre-tax profit was CHF 404 million in first quarter 2007, up 1% from CHF 400 million in fourth quarter 2006. This largely reflected the increased average asset base, which led to higher management fees across the business.
Investment Bank
In first quarter 2007, the Investment Bank’s pre-tax profit was at an all-time quarterly record of CHF 1,801 million, up 3% from the performance a year earlier. The equities and investment banking areas experienced significant growth in revenues. The fixed income, rates and currencies business saw strong increases in most areas, which were more than offset by losses on the proprietary capital managed by Dillon Read Capital Management (DRCM). A rise in personnel expenses drove total operating expenses higher.
Corporate Center
In first quarter 2007, Corporate Center recorded a loss from continuing operations of CHF 193 million, compared with a loss of CHF 318 million in fourth quarter 2006. The improvement was driven by higher income as well as declining personnel and general and administrative expenses.
Industrial Holdings
In first quarter 2007, Industrial Holdings reported a net profit of CHF 146 million, of which CHF 87 million was attributable to UBS shareholders.
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