UBS first quarter adjusted pre-tax profit(1) CHF 2.2 billion
UBS first quarter adjusted pre-tax profit(1) CHF 2.2 billion with improved profits in all business divisions; reported pre-tax profit CHF 1.3 billion; wealth management businesses' net new money CHF 10.9 billion; industry-leading Basel 2.5 tier 1 ratio strengthened further to 18.7%; annualized Q1 2012 costs(2) down by CHF 1 billion; adjusted RoE approximately 13%
Zurich/Basel | 02 May 2012, 06:45 | Price Sensitive Information | Quarterly Results
UBS continued to successfully execute its strategy, improving performance in all its businesses to deliver adjusted pre-tax profit1 of CHF 2.2 billion. Wealth Management recorded a 24% rise in adjusted pre-tax profit3 on improved margins and continued cost control, and Wealth Management Americas delivered a record quarterly reported pre-tax profit of USD 209 million, up 34% on the prior quarter. Net new money inflows in the wealth management businesses more than doubled to CHF 10.9 billion. The Investment Bank successfully balanced revenue generation, risk reduction and cost efficiency, to achieve an adjusted pre-tax profit4 of CHF 846 million.
Strengthening its leading capital position further, reducing risk-weighted assets while remaining vigilant on costs, UBS continued to execute its strategy. The firm built its leading capital ratios significantly, reduced Basel III risk-weighted assets5 (RWA) by around CHF 30 billion and raised USD 2 billion in new Basel III-compliant loss-absorbing capital. UBS is ahead of its RWA reduction targets for 2012. The firm is on track to achieve its target of CHF 2 billion of cost savings by the end of 2013.