UBS posts surprise 17% Q1 profit rise

UBS posted a 17 per cent rise in first-quarter net profit on Tuesday, upending expectations for a fall in profit amidst uncertainties over the war in Ukraine, thanks to strong trading. Net profit for the quarter ended in March of US$2.136 billion outpaced average expectations for US$1.79 billion in a poll of 21 analysts compiled by the Swiss bank. One of the first two major European banks to report results alongside HSBC, UBS’s earnings provided a sharp contrast to the profit declines US peers reported this month. “In the first quarter, we remained focused on executing our strategy, providing stability for our clients and managing risk,” chief executive Ralph Hamers said in a statement. “Our strong results today speak to our ability to accomplish our objectives regardless of the backdrop.” REUTERS