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UBS Q1 Profit Down

UBS (UBS) reported that its net profit attributable to shareholders for the first-quarter was $1.14 billion, down 27% from last year.

Reported profit before tax declined 26% year over year to $1.55 billion and adjusted profit before tax decreased 21% to $1.58 billion from the previous year.

Net interest income for the quarter was $1.12 billion, down from $1.44 billion in the prior year. Net fee and commission income also decreased to $4.13 billion from $4.74 billion in the prior year.

The company said that the overall pace of growth decreased as a result of a synchronized global slowdown. Economic growth and markets are expected to continue to recover and stabilize at different speeds across regions and asset classes.

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