First-quarter figures from Swiss banking giant UBS (UBSN: VX) beat analysts' expectations, after net profit rose 7 per cent year-on-year to SFr1.05bn (£709m).
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The bank also reported a tier one capital ratio of 17.9 per cent - leaving it as one of the world's best capitalised banks - and is now targeting a net cost reduction of Sfr1.2bn. Management continues to target a capital return payout ratio of at least 50 per cent of net profit, too. Still, pre-tax operating profit at the investment banking arm did slide 56 per cent to SFr425 - that's largely down to a drop in the trading of bonds, currencies and commodities amidst uncertainty over interest rates as the US 'tapers' its quantitative easing programme.
