Photo: Daniel Goodman / Business Insider
GENEVA (AP) — Swiss bank UBS AG has reported a 55 per cent drop in first-quarter net profit for 2012 due to writedowns and difficult market conditions.Switzerland’s biggest bank said Wednesday its first-quarter net profit was 827 million francs ($910 million), down from 1.81 billion francs in the same period last year.
The results did not meet analysts’ average estimate for a net profit of 1.2 billion Swiss francs ($1.32 billion).
But the results were an improvement from the last quarter of 2011, when the bank, a key engine of the Swiss economy, posted a net profit of 319 million francs.
Rival Credit Suisse reported a 95 per cent drop in first-quarter net profit last week due to writedowns, staff severance costs, bonus payments and the strong Swiss franc.