UBS doubles net profit in record quarterly performance
AFP, May, 2004
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ZURICH (AFP) — Switzerland's largest banking group, UBS, reported its best-ever quarterly performance by doubling its 2004 first-quarter net profit to 2.42 billion Swiss francs (1.56 billion euros, 1.86 billion dollars).
The result was well above analysts' expectations, but UBS cautioned in a statement that it was unlikely to replicate the same degree of growth over the rest of the year.
The result compared with a net profit of 1.2 billion Swiss francs during the same period in 2003.
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Operating profit rose 94 percent to 3.09 billion Swiss francs and operating income increased by 33 percent to 10.29 billion Swiss francs during the first three months ...
