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The UBS reported net profit of $ 1.7 million in the first quarter, exceeding the expectations of analysts after volatile financial markets helped boost the earnings on the largest bank in Switzerland.
Bank’s net profit dropped from $ 1.8 million a year earlier, but ahead of $ 1.3 million analysts forecasts. Reported quarterly revenue was $ 12.6 million.
The UBS Investment Bank recorded a 16 percent leap to $ 3.3 million, driven by its markets business, where revenue increased by 32 percent compared to the year before $ 2.5 billion.
The World Division of Wealth Management attracted $ 32 million into new money.
“The power and scale of our diversified global franchise, together with our continuous approach to customers, promoted a strong business boost in the quarter and net new revenue in our assets collection business,” said Sergio Erotti, CEO Sergio Ermotti.
This is a development story
