Planes with Ukraine bodies arrive in Netherlands
Prosecutors: Venezuelan official detained in Aruba
Gunmen slay Nigerian traditional leader
Gunmen kill foreign woman on Kenya coast
UN human development report faults inequality
UN chief condemns attack on UN school in Gaza
Israel swears in new president amid Gaza war
Israel says Hamas missiles may have caused deaths
UN says 9 trucks enter Syria from Turkey with aid
As more bodies are flown to the Netherlands, identification work continues
Jewish group wants Turkish PM to return award
US pulls Peace Corps volunteers from Kenya
Rotting food prompts German gas leak scare
Ukrainian prime minister announces resignation
6 dead in Mexico border shootings
German prosecutors criticized in Nazi probe
South African race track lives on; Porsche buys
German midwife suspected of attempted murders
Austrians investigate disturbance at Israeli game
Weather blamed for deadly crash in Taiwan
Poland cancels plans for cultural year with Russia
Heavy rain reported in area where plane disappeared
ICC: Gadhafi-era spy chief can be tried in Libya
Europe lifts recommendation not to fly to Tel Aviv
EU regulator: Morning-after pill OK for all women
As Iraq gets new president, car bomb kills 21
Troubled Myanmar state invites back aid groups
UK: Former reporter sentenced for phone hacking
Iraq: Attack on prisoner convoy kills 60 people
More works found at German collector's apartment

World News
News from the region's first prime-time newscast. You'll find it First On Fox!

Swiss bank UBS Q1 profit rises by 7 percent following solid returns in investment banking

Reported by: Associated Press
Reported: Tuesday, May 6, 2014 3:30 AM EDT

Solid returns from its wealth management and investment banking divisions helped Switzerland's biggest bank, UBS AG, post a 7 percent profit advance in the first quarter.

But the bank, based in Zurich, sounded a cautionary note Tuesday about the global economy.

"The continued absence of sustained and credible improvements to unresolved issues in Europe, continuing U.S. fiscal and monetary policy issues, geopolitical instability and the mixed outlook for global growth would make improvements in prevailing market conditions unlikely," it said.

Despite the challenges, UBS posted a first-quarter net profit of 1.054 billion Swiss francs , compared with 988 million francs in the same period 2013. The result was roughly in line with the 1.035 billion francs in the first quarter of 2012, marking a turnaround based on the streamlining it carried out in the wake of a series of lawsuits, scandals and a wave of restructuring.

"We demonstrated sustainable profitability across all business divisions and regions," chief executive Sergio Ermotti said.

The bank's capital cushion rose to 13.2 percent, he said, representing "a major milestone" that surpasses the 2014 target.

The wealth management division's operating profits before taxes rose 31 percent from a year ago to 619 million francs. The investment banking's operating profits before taxes were up 43 percent to 425 million francs.

Also Tuesday, UBS rolled out a revamped corporate structure that involves swapping shares into a new group holding company. The plan is meant to allow the bank to compartmentalize its divisions more easily in case of trouble, to pay investors a special one-time dividend and to reduce how much money it must set aside for a capital cushion under Swiss rules.


Tonight at 8:00 PM

Winner Chosen
The final two contestants must prepare five unique dishes, to be judged by renowned Los Angeles chefs; former contestants help with the final dinner service; a winner is chosen

Get 1/2 price gift certificates

Find us on Facebook