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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.

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