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UBS Swings To Profit In Q1

UBS has posted a net profit attributable to shareholders of CHF2.2bn, or CHF0.58 per share, for the first quarter ended March 31, 2010, compared to net loss attributable to shareholders of CHF1.97bn, or CHF0.57, for the first quarter of 2009.

Operating income for the first quarter of 2010 increased to CHF9.01bn from CHF4.97bn in the first quarter of 2009.

Operating expenses declined to CHF6.2bn from CHF6.53bn in the first quarter of 2009.

All business divisions of the company reported a pre-tax profit in the first quarter of 2010.

UBS’ cost / income ratio in the first quarter of 2010 was 69.7%. On March 31, 2010, the company had total assets of CHF1.35 trillion and risk-weighted assets of CHF209bn.

Oswald Grubel, CEO of UBS, said: "We are well positioned to meet our medium-term goals. We implemented the measures announced in 2009 and delivered a good profit while managing our costs and using our balance sheet and risks in a disciplined way."