Swiss banking giant UBS said it expects a pre-tax profit of at least 2.5 billion Swiss francs (USD 2.36 billion) in the first quarter of this year. The announcement comes two days before its annual shareholders' meeting,which is scheduled for April 14. "UBS announces that it expects to report a profit before tax of at least 2.5 billion Swiss francs for the first quarter of 2010," it said in a statement. The profit would be the second quarterly profit in a row for UBS. The company had posted a net profit of 1.2 billion Swiss francs (USD 1.12 billion) in the fourth-quarter of 2009 after three consecutive losses. The company said client withdrawals had slowed at all business units,it added. Further,UBS said it estimates that net outflows to be around 8 billion Swiss francs. The bank is due to report first-quarter earnings on May 4,2010.
