Swiss banking giant UBS AG (UBS) reported Tuesday a decline in first-quarter profit, despite higher operating income. The company also issued a cautious forecast for second-quarter activity levels.
In its first quarter, UBS generated net profit attributable to UBS shareholders of 988 million Swiss francs or 0.26 franc, compared to last year's profit of 1.04 billion francs or 0.27 franc.
Profit before tax was 1.45 billion francs, lower than last year's 1.57 billion francs. On an adjusted basis, profit before tax was 1.90 billion francs.
Operating income in the quarter increased to 7.78 billion francs from 6.52 billion francs last year.
Looking ahead, the company said in its statement, "The absence of further sustained and credible improvements to the eurozone sovereign debt situation, European banking system issues, ongoing geopolitical risks, and the outlook for growth in the global economy together with an increasing focus on unresolved US fiscal issues would continue to exert a strong influence on client confidence, and thus activity levels, in the second quarter of 2013."
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