Union Bank of Switzerland &lt;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 years 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.
UBS CONFIRMS FIRST QUARTER PROFITS LOWER