UBS profits rocket 80% to $3 billion for first quarter beat
UBS generated first-quarter net profit attributable to shareholders of $3 billion, up 80% year over year and beating the $2.8 billion forecast by analysts, according to a consensus survey compiled by LSEG.
The Swiss banking and asset management giant’s equity tier (CET) 1 capital ratio, which is an indicator of a bank’s solvency, also rose to 14.7% during the period, up from 14.4% in the previous quarter.
The bank, which repurchased $900 million in shares during the quarter, is on track to repurchase $3 billion in shares before its next earnings report for the second quarter.
Underlying profit before tax rose 54% year on year to $3.9 billion, beating analysts’ expectations of $3.2 billion.
UBS.
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