PaineWebber Group Inc., lagging its Wall Street...

PaineWebber Group Inc., lagging its Wall Street competitors, said first-quarter profit declined 4.6% from a year ago.

The nation’s No. 6 brokerage firm said its net income fell to $70.9 million, or $1.33 per primary share, down from $74.3 million, or $1.53 a share, in the year-earlier period.

Earnings declined because the firm, expecting the Clinton Administration to raise taxes, increased its provision for income taxes to 39% of pretax income from 35% a year earlier, said Regina Dolan, chief financial officer.