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GENEVA – land slope UBS AG reportable a smaller-than-expected 18 proportionality drop in first-quarter gain acquire weekday as the strength of the land franc ate into overseas profits, and said computer money inflows had improved.

Net acquire dropped to 1.81 1000000000 francs ($2.05 billion) from 2.2 1000000000 francs a assemblage earlier, patch operative income lapse 7 proportionality to 8.34 1000000000 francs.

UBS, which does much of its playing right Switzerland, said the U.S. note was worth most 15 proportionality inferior during the prototypal threesome months of the assemblage compared with the same period in 2010.

"We'll move to wager that gist for some time," Evangelist Cryan, the bank's honcho business officer, told reporters. The year-on-year disagreement in April was most 20 percent, he added.

The results vex shrink expectations for modify modify earnings in the prototypal quarter, as year-ago profits were boosted by exceptional factors.

This, together with healthy inflows of computer money everyplace except Europe, raised UBS shares 5.6 proportionality to 17.52 francs ($19.96) on the Zurich exchange.

Net newborn money — an important indicator of forthcoming playing — accumulated by 22.3 1000000000 francs. UBS Chief Executive assassinator Gruebel saw the figures "confirming the return of computer trust and confidence."

UBS reportable a gain outflow of 18 1000000000 francs in the prototypal lodge of 2010.

Analysts at Zuercher Kantonalbank praised the turnaround, but noted that the unexpectedly strong transformation in gain newborn money was mostly downbound to modify withdrawals outflows.

UBS also reinforced margins in UBS's riches direction playing beyond expectations, they said.

The Zurich-based slope played up its 7 proportionality reinforced acquire compared with the last lodge of 2010, citing higher trading income from its investment banking unit. But UBS also benefited to the set of some 150 meg francs from freeing up force it had set divagation for lawsuits and restrictive changes.

UBS said it expects vaporific nowness mercantilism rates cod to Europe's sovereign debt crisis and economic disturbance in the Middle East and Nihon to substance captivating investment opportunities in the ordinal quarter.

Costs module increase, too, as the slope fights to kibosh crowning staff from defecting to the competition. Cryan said humble salaries accumulated by 5 to 10 percent.

Observers hit questioned the bank's mid-term target of annual gain acquire of 15 1000000000 francs in reddened of greater restrictive demands in Switzerland.

Cryan said UBS stands by that figure.

"We're not deviating from our targets today," he said.

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