Plus   Neg

UBS Q1 Profit Up 40%

Swiss banking giant UBS Group AG (UBS) Tuesday reported a growth in its profit for the first quarter, driven by strong performances across all businesses, with a double digit growth in net interest income.

The Group's net profit attributable to shareholders rose 40 percent to $1.595 billion and earnings per share grew 43 percent to 43 cents. Profit before tax grew 30 percent year-on-year.

Operating income for the period grew by 10 percent to $7.93 billion, despite a rise in credit loss expenses, the Group said. However, operating expenses during the quarter increased by 4 percent.

Return on CET1 capital or RoCET1 was 17.7 percent, compared to 13.3 percent last year. The Group also reported CET1 capital ratio of 12.8 percent; CET1 leverage ratio of 3.8 percent; and tier 1 leverage ratio of 5.4 percent, all excluding any regulatory relief.

The Group's net interest income for the quarter rose 18 percent to $1.33 billion, and Fee and commission income rose 21 percent to $5.48 billion.

Looking ahead, the Group said the disruption to businesses and rising unemployment caused by the corona pandemic will result in elevated levels of loan losses to the industry.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the current state of the COVID-19 pandemic in the U.S. is "really not good." The U.S. is the country worst-affected by the coronavirus and has recently seen a surge in coronavirus infections as lockdown restrictions are eased. Granules Pharmaceuticals, Inc. recalled twelve (12) lots of type 2 diabetes medication Metformin hydrochloride Extended-Release, in the form of oral film-coated tablets, for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Palantir Technologies Inc., the Silicon Valley big data analytics company that has handled U.S. government's certain sensitive projects, said it has confidentially filed documents with the Securities and Exchange Commission to go public. In a statement, the company said the proposed public listing of its Class A common stock is expected to take place after the SEC completes its review process.
Follow RTT