HUGE MISS: UBS Q1 Profits Plummet 55%

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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.

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