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UBS pre-announces a Q1 pre-tax profit of at least CHF 2.5 billion
Zurich/Basel, 12 April 2010 - In advance of its Annual General Meeting (AGM) on 14 April, UBS announces that it expects to report a profit before tax of at least CHF 2.5 billion for first quarter 2010.
Net new money outflows in all businesses were substantially lower than in fourth quarter 2009. UBS estimates that net outflows in first quarter 2010 were around CHF 8 billion for Wealth Management & Swiss Bank, CHF 7 billion for Wealth Management Americas and CHF 3 billion for Global Asset Management.
UBS's financial report for first quarter 2010 will be published on 4 May 2010 as planned. The AGM material is available on www.ubs.com/agm; the speeches of Kaspar Villiger, Chairman of the Board of Directors, and Oswald J. Grübel, Group CEO, will be released on 14 April at 9:15 CET.
Cautionary Statement Regarding Forward-Looking Statements:
This release contains statements that constitute "forward-looking statements". While these statements represent UBS's expectation concerning the development of its business and its first quarter 2010 results, a number of factors, including quarter-end adjustments and accounting determinations, could cause actual results to differ materially from UBS's expectations. In addition, our future results could depend on other factors that we have previously indicated could adversely affect our business and financial performance which are contained in our past and future filings and reports, including those filed with the US Securities and Exchange Commission (SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS's Annual Report on Form 20-F for the year ended 31 December 2009. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.