UBS posts $1.7bn net profit as volatility drives earnings

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UBS reported net profits of $1.7bn in the first quarter, beating analysts’ expectations after volatile financial markets helped drive earnings at Switzerland’s biggest bank. 

The bank’s net profit was down from $1.8bn a year earlier but ahead of analyst forecasts of $1.3bn. Reported quarterly revenues were flat at $12.6bn.

UBS’s investment bank posted a 16 per cent jump in revenues to $3.3bn, boosted by its markets business, where revenues rose 32 per cent compared with the previous year to $2.5bn.

The global wealth management division attracted $32bn in new money. 

“The power and scale of our diversified global franchise, coupled with our continued focus on clients, drove strong business momentum in the quarter and net new inflows in our asset-gathering businesses,” said chief executive Sergio Ermotti.

This is a developing story