UBS says Q1 pre-tax profit $2.33bn,outflows slow

Swiss banking giant UBS said its first-quarter pre-tax profit would be at least 2.5bn Swiss francs ($2.33bn) and said client withdrawals had slowed at all its business divisions. In a surprise interim statement, UBS said that it estimated net outflows to be around 8bn francs at its Wealth Management and Swiss Bank division. The bank said withdrawals at the Wealth Management Americas division would be 7bn francs and that it saw withdrawals of 3bn francs in Global Asset Management. The bank is due to report full first-quarter figures on May 4 2010.