Page last updated at 19:38 GMT, Monday, 12 April 2010 20:38 UK

UBS predicts increased profits

UBS branch
UBS is trying to rebuild after heavy losses in the US sub-prime market

Swiss banking giant UBS has said it expects to report a net profit of 2.5bn Swiss francs ($2.4bn; £1.5bn) for the first three months of the year.

The announcement came ahead of the bank's official first-quarter results, due out early next month.

UBS also said its clients had been taking their money out of the bank at a much slower rate during the period than in the previous three months.

Clients have been leaving UBS since the bank was hit hard during the downturn.

The bank reported a net profit of 1.2bn Swiss francs in the final three months of last year. This represented its first quarterly profit for more than a year.

UBS has been involved in a long-running dispute with US tax authorities. The US has accused UBS of hiding nearly $15bn in assets of US customers, and is seeking the account details of some of its US clients.

Bonus anger

Shares in UBS closed more than 3% higher in Zurich following the bank's latest results forecast.

The announcement comes ahead of what analysts say could be a turbulent annual general meeting at the bank on Wednesday.

Shareholders are particularly unhappy at UBS's proposed bonus scheme, which many view as being far too generous, particularly in light of the bank's relatively weak financial performance during the financial crisis.

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Times Online Talk of a tie-up with Asda puts spark in shares of Homebase group - 47 mins ago
Reuters Swiss party offers to back UBS-US tax deal - 1 hr ago
Business Day UBS first-quarter figures hit three-year high - 9 hrs ago
Business Report UBS results come as a 'positive surprise' - 12 hrs ago
Melbourne Age UBS expects $A2.5b pretax profit in Q1 - 17 hrs ago

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