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UBS reported net profits of $1.7bn in the first quarter, beating analysts’ expectations after volatile financial markets helped drive earnings at Switzerland’s biggest bank. The bank’s net profit was down from $1.8bn a year earlier but ahead of analyst forecasts of $1.3bn. Reported quarterly revenues were flat at $12.6bn.
UBS’s investment bank posted a 16 per cent jump in revenues to $3.3bn, boosted by its markets business, where revenues rose 32 per cent compared with the previous year to $2.5bn. The global wealth management division attracted $32bn in new money.
“The power and scale of our diversified global franchise, coupled with our continued focus on clients, drove strong business momentum in the quarter and net new inflows in our asset-gathering businesses,” said chief executive Sergio Ermotti.
This is a developing story.
In the latest news from UBS, the Swiss bank has reported strong financial results for the first quarter of the year. Despite a slight dip in net profit from the previous year, UBS exceeded analyst expectations with a net profit of $1.7bn. This success can be attributed to the volatile financial markets, which played a significant role in boosting earnings for the bank.
The investment bank division of UBS saw a 16 per cent increase in revenues, reaching $3.3bn. The markets business within the division experienced a substantial 32 per cent growth in revenues, totaling $2.5bn. Additionally, the global wealth management division of UBS attracted an impressive $32bn in new money during the first quarter.
CEO Sergio Ermotti commented on the strong performance, highlighting the impact of the bank’s diversified global franchise and unwavering focus on clients. This approach has driven significant business momentum and resulted in net new inflows in the asset-gathering businesses of UBS.
As this story continues to unfold, investors and analysts will be keeping a close eye on UBS and its future financial performance. Stay tuned for more updates on this developing story.
