1st quarter magic from UBS

1st quarter magic from UBS

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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The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.