Swiss bank UBS in the first quarter reduced its net profit by 27%


Switzerland's largest bank UBS, following the results of the first quarter, reported that net profit fell by 27% from the same period a year earlier to $1 billion 141 million. Economists had expected a further fall in the index - up to $900 million. Due to unfavorable market conditions, operating profit declined by 12% to $7 billion 218 million. The unit operating in the wealth management of wealthy clients, recorded a drop in adjusted pre-tax profits by 21%. At the same time, the net inflow of new assets in the past quarter was at the level of 22 billion 300 million dollars. Adjusted earnings from investment operations fell by 64%. UBS Chief Executive, Sergio Ermotti, expects that the measures taken by the bank to limit the effects of negative market factors will positively affect the financial performance in the second half of the year.

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