UBS expects massive $2.34B profit in Q1 2010

Switzerland’s largest financial intermediary today said it expects to post a CHF 2.5-billion (USD $2.34-billion) before tax profit for the first quarter of 2010.

The numbers would mark the largest quarterly profit from over 3-years ago after the bank saw more than 75-percent of its market capitalization fall in late 2008. UBS’ current market cap on the NYSE is 60.45-billion as at today in early morning trading, with the stock trading up more than 3.80-percent to $17.15 per share.

UBS CEO Oswald Gruebel, 66, is hoping for the bank to reach annual before tax profits of CHF 15-billion within the next 5-years, levels not seen after the financial crisis. Gruebel says this goal would be accomplished mainly by focusing on the fixed-income trading unit at the bank.

The bank said it would publish actual financial earnings for the quarter on May 4th.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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