UBS profits rocket 80% to $3 billion for first quarter beat
CNBC • • business
Key Points:
- UBS reported a first-quarter net profit attributable to shareholders of $3 billion, marking an 80% increase year-on-year and exceeding analyst estimates of $2.8 billion.
- The bank's common equity tier 1 (CET1) capital ratio improved to 14.7%, up from 14.4% in the previous quarter, indicating stronger solvency.
- UBS is on track to repurchase $3 billion in shares by the next earnings report, having already bought back $900 million in the first quarter, with plans for additional buybacks later in the year.
- Despite resilient markets amid hopes for a resolution to the Middle East conflict, UBS cautioned that risks remain elevated and expects second-quarter net interest income to be broadly flat across its wealth management and banking divisions.
