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UBS reported net earnings of $1.7bn within the first quarter, beating analysts’ expectations after risky monetary markets helped drive earnings at Switzerland’s largest financial institution.
The financial institution’s net profit was down from $1.8bn a 12 months earlier however forward of analyst forecasts of $1.3bn. Reported quarterly revenues had been flat at $12.6bn.
UBS’s funding financial institution posted a 16 per cent bounce in revenues to $3.3bn, boosted by its markets enterprise, the place revenues rose 32 per cent in contrast with the earlier 12 months to $2.5bn.
The worldwide wealth administration division attracted $32bn in new cash.
“The facility and scale of our diversified international franchise, coupled with our continued concentrate on shoppers, drove sturdy enterprise momentum within the quarter and net new inflows in our asset-gathering companies,” stated chief govt Sergio Ermotti.
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