UBS Q1 Net Profit Declines 54%

UBS AG

reported a 54% fall in its first-quarter net profit. UBS' quarterly net profit dropped to 827 million francs ($910 million), versus 1.81 billion francs, in the year-ago period. However, analysts were expecting a net profit of 1.2 billion Swiss francs ($1.32 billion). Its revenue declined 22% to CHF6.53 billion from CHF8.34 billion, missing analysts' estimates of CHF7.49 billion. UBS shares closed at $12.67 yesterday.