The Swiss bank UBS reported a fantastic first-quarter report.
The banking giant had a formidable first-quarter, as the reports show. During the first three months of the year, UBS had a profit 40% bigger than the same period last year. It showed increased trading activity from its clients, as the market has been very volatile since the pandemic started.
The net profit was $1.6 billion, while the credit loss expenses rose to $268 million. Last year's number was much smaller: $20 million. The EPS was higher than consensus at $0.53.
The biggest Swiss bank by assets said in its report that "Lower asset prices will reduce our recurring fee income, lower interest rates will present a headwind to net interest income, and client activity levels will likely decrease, affecting transaction-based income." But, at the same time, the bank is trying to find a way to increase profits and reduce costs.
The share price dropped almost 30% in the last year but gained 4.2% in today's pre-market.
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Sources: markets.businessinsider.com, marketwatch.com
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