GENEVA (AP) — Swiss bank UBS AG has reported a 55 percent drop in first-quarter net profit for 2012 due to writedowns and difficult market conditions.
Switzerland's biggest bank said Wednesday its first-quarter net profit was 827 million francs ($910 million), down from 1.81 billion francs in the same period last year.
The results did not meet analysts' average estimate for a net profit of 1.2 billion Swiss francs ($1.32 billion).
But the results were an improvement from the last quarter of 2011, when the bank, a key engine of the Swiss economy, posted a net profit of 319 million francs.
Rival Credit Suisse reported a 95 percent drop in first-quarter net profit last week due to writedowns, staff severance costs, bonus payments and the strong Swiss franc.
Please follow Clusterstock on Twitter and Facebook.
Join the conversation about this story »