Withdrawals slowdown boosts UBS profit

04/05/10 19:38 CET

corporate

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Swiss banking giant UBS reported its best results in almost three years on Tuesday.

First-quarter net profit of just over 1.5 billion euros was above analysts predictions helped by a slowdown in withdrawals by wealthy clients as confidence in the bank increased.

Its trading division turned in a strong performance and staff costs were lower.

Controversial traders’ bonuses also increased.

More about: Banking, UBS

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