economy
UBS profits rocket 80% to $3 billion for first quarter beat, shares pop 5%
UBS reported its first quarter earnings on Wednesday, with net profits beating analyst estimates.
TL;DR
- UBS's first-quarter net profit rose 80% year-on-year to $3 billion, exceeding analyst expectations.
- The bank's CET1 capital ratio increased to 14.7%.
- UBS plans to buy back $3 billion in shares and has already repurchased $900 million.
- Strong performance was noted in equity capital markets and the alternative assets unit, with double-digit profitability growth across businesses.
- Global wealth management saw net new assets of $37 billion, and asset management had net new money of $14 billion.
- Switzerland's proposed regulatory overhaul would require UBS to hold an additional $20 billion in capital.
- CEO Sergio Ermotti stated that the bank sees no major issues in the private credit space, with exposure being well-diversified and of good quality.