UBS posts first-quarter net profit of $2.14 billion, beating forecasts
The Swiss bank on Tuesday reported a quarterly net profit of $2.14 billion, compared with $1.82 billion a year earlier and analyst expectations of $1.79 billion, according to a company-provided consensus.
Operating income came in at $9.36 billion, up 8% on year. Analysts had expected operating income of $8.83 billion, according to the same consensus. The bank said it achieved these results in spite of increased uncertainty in the quarter amid the Russian invasion of Ukraine, Covid-19 lockdowns, a lower economic growth outlook, and inflationary pressures.Operating income inched higher at the global wealth management unit, while its investment bank booked a 28% jump in operating income, reflecting a large loss a year earlier.Write to Cristina Roca at cristina.roca@wsj.
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