Financial Services Industry
Industry: Email Alert RSS FeedBullish UBS declares end to bear market.
Financial News, November, 2003
UBS, the Swiss banking group, boldly declared an end to the three-year bear market in equities Tuesday as it delivered the best set of quarterly results in three years.Bolstered by a strong inflow of funds into its wealth management arm, UBS reported net profit of Sfr1.67bn ([euro]1bn) for the third quarter, a 78% increase on the same period last year.
Total operating income edged up 6% to Sfr8.49bn compared with the previous year but was 7% lower than in the preceding quarter. The quarter-on-quarter improvement in net profits was largely explained by lower costs.
Peter Wuffli, chief executive, told banking analysts that there were signs of improvement in the US market, where UBS has been expanding its reach along with rival European banks Barclays...
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