According to the 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.....
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