UBS Swings to Quarterly Profit of $2B

UBS said first-quarter earnings were 2.2 billion Swiss francs ($2.02 billion), a swing from a year-earlier loss of 1.98 billion francs.
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ZURICH, Switzerland (

TheStreet

) --

UBS

(UBS) - Get Report

, the Swiss bank, said first-quarter earnings were 2.2 billion Swiss francs ($2.02 billion), a swing from a year-earlier loss of 1.98 billion francs.

The earnings topped the expectations of analysts.

UBS said net new money outflows in the quarter in its wealth management division were 8.2 billion francs compared with 32.9 billion francs in the fourth quarter of 2009. Overall net new money outflows were 18 billion francs compared with 56.2 billion francs in the last quarter of 2009.

UBS said its investment banking unit had first-quarter pretax profit of 1.2 billion Swiss francs. The bank said the results were "driven by strong contribution from the fixed income, currencies and commodities area with only limited additional risk utilization."

UBS CEO Oswald Gruebel, in a statement Tuesday, said the bank was "well-positioned to meet our medium-term goals" in the second quarter.

-- Reported by Joseph Woelfel in New York.

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