The Swiss bank UBS closes the first quarter of 2012 with a net profit down more than 50%, after incurring exceptional debt costs of 1,16 billion francs (956 million euros).
In the first three months the net net profit amounted to 827 million francs compared to 1,807 billion in the first quarter of 2011 and a median of the expectations gathered by Reuters which bet on 1,1 billion.
The Swiss bank says it is cautious on the second quarter, referring to the negative impact that the eurozone debt crisis, fears about the soundness of European banks and those about the US deficit have on customers. The outlook is therefore necessarily based on caution.
Ppositive instead the contribution ofinvestment bank, a division for which a downsizing was announced in November: adjusted profit before tax up to 846 million francs, with an increase in revenues in all operating areas thanks to what the Zurich institute defines as “a certain improvement in market conditions”, and thanks to the efficiency of trading operations and cost control.
