UBS CONFIRMS FIRST QUARTER PROFITS LOWER
Union Bank of Switzerland <SBGZ.Z> said
first quarter profits were higher than in the third and fourth
quarters of 1986, but were below the record results of the
first quarter of last year.
    Nevertheless, the bank said overall performance in the
first three months was satisfactory, with the situation
particularly promising in commission, foreign exchange,
securities and trading sectors.
    In a newspaper interview on April 10, chief executive
Nikolaus Senn said first quarter earnings had been below last
year's level.
    The bank said its assets grew by 1.2 billion francs in the
three month period to reach 153.3 billion at end-March. If it
had not been for the decline in the dollar, the rise would have
been as much as 4.3 billion francs, it said.
 REUTER
