UBS to report its biggest profit in three years

12 Apr 2010

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UBS, Switzerland's biggest but most troubled bank, is expected to report its highest quarterly profits in almost three years after amassing more than $50 billion in write-downs and losses since the beginning of the financial crisis.

Zurich-  and Basel-headquartered UBS, which returned to profit in the previous quarter, said in a statement that it expects to report a profit before tax of at least CHF 2.5 billion ($2.3 billion) for first quarter 2010.

Against this, net new money outflows in all businesses were substantially lower than in the fourth quarter of 2009, UBS, the world's second-largest wealth management bank, said.

The bank revealed that new client withdrawals in all businesses were CHF18 billion ($17 billion) during the first quarter, substantially lower than the CHF 56 billion ($52 billion) during final quarter of last year.

UBS statement on quarterly profits comes ahead of its Annual General Meeting (AGM) on 14 April in what is expected to be a turbulent shareholder meeting for chief executive Oswald Gruebel, as some activist investors prepare to reject a UBS bonus system and plans to clear management of responsibilities for the crisis, analysts said.

Despite reporting a loss in 2009, UBS handed out $51 million in bonus to its management, although Gruebel was the only one who refused it.

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