UBS reports first quarter net profit of CHF 1,214 million
UBS reports net profit of CHF 1,214 million in first quarter 2003, down 11% from the same quarter a year earlier. Before goodwill and excluding the net gain from the sale of Hyposwiss in first quarter 2002, net profit was 7% lower. Despite tough markets, UBS managed to increase shareholder returns by keeping a strong grip on costs and managing capital resources tightly. UBS's wealth management businesses (Private Banking and UBS PaineWebber) achieved strong net new money inflows of CHF 11.1 billion, with a record inflow into the European wealth management initiative.
Today, Peter Wuffli, President of the Group Executive Board, presented UBS's First Quarter 2003 Results live from Zurich. The webcast is available on demand from 2pm (CET):
First Quarter 2003 Results videoclip with key messages from Peter Wuffli, President of the Group Executive Board, available: