the republic logo

UBS sees profit jump despite low rates, rise in franc; wealth management sees strong inflow

bug
Share/Save/Bookmark

FRANKFURT, Germany — Swiss bank UBS Group AG says net profit almost doubled in the first quarter as money from rich clients flowed into its wealth management businesses.

The company said Tuesday that its net profit rose to 1.977 billion Swiss francs ($2.12 billion) in the January to March quarter from 1.054 billion francs in the same quarter a year ago.

Wealth management, which handles money for rich individuals and families, saw net new money inflows of 19 billion francs. The business saw its highest profits since 2008.

Those profits helped offset challenges from very low interest rates at its retail banking operation, and turmoil after the sudden rise of the Swiss franc in January when the Swiss central bank abandoned its ceiling on the currency's exchange rate.

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.