Famous Swiss bank reports $1.8 billion net profit

Switzerland's largest bank, UBS, recorded a net profit of $1.8 billion in the first quarter. Following the bank's announcement, its share price rose by more than 8 percent.

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Famous Swiss bank reports $1.8 billion net profit

Switzerland's most famous bank, UBS Group AG, has announced its financial results for the first quarter.

According to the report, UBS's net profit in the first quarter exceeded analyst expectations, reaching $1.8 billion. Analysts had projected a net profit of approximately $600 million for the bank.

INCREASED BY 15 PERCENT

The bank's revenues increased by 15 percent, reaching $12 billion.

The bank's profit announcement for the first quarter was aided by reduced expenses following the acquisition of its rival Credit Suisse in June 2023.

It was also noted that UBS's investment banking unit turned a profit.

Thanks to a recovery in equity markets and bond issuance business, the unit's pre-tax profit reached $400 million, following a $300 million loss in the fourth quarter of 2023.

After acquiring Credit Suisse, UBS had planned to achieve more than $10 billion in cost savings by 2026.

News Source: 12punto