By Jacob Greber
Aug. 14 (Bloomberg) -- UBS AG, Europe's largest bank, fell to a 2007 low on the Zurich exchange after acknowledging that ``turbulent'' markets may reduce profit for the rest of the year.
Net income in the three months ended June 30 rose for the first quarter in a year, increasing 79 percent to a record 5.62 billion Swiss francs ($4.67 billion), or 2.69 francs a share, buoyed by money-management fees, UBS said in a statement today. Profit included a 1.9 billion-franc gain from the sale of Julius Baer Holding AG shares and beat analysts' estimates.
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