UBS profits rocket 80% to $3 billion for first quarter beat
UBS reported a net profit of $3 billion for the first quarter, an 80% increase from the prior year and above analyst expectations, driven by strong underlying performance and improved capital metrics. The bank's CET1 ratio rose to 14.7%, and it repurchased $900 million in shares as part of a planned $3 billion buyback. Underlying pretax profits reached $3.9 billion, significantly surpassing forecasts. The results reflect robust performance across its banking and asset management operations.
- ▪UBS posted a net profit of $3 billion for Q1, up 80% year-on-year and above the $2.8 billion analyst consensus.
- ▪The bank's CET1 capital ratio increased to 14.7% from 14.4% in the previous quarter.
- ▪UBS repurchased $900 million in shares during the quarter and plans to buy back $3 billion by the next earnings report.
- ▪Underlying pretax profits totaled $3.9 billion, beating expectations of $3.2 billion and rising 54% annually.
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UBS generated a net profit attributable to shareholders of $3 billion for the first quarter, up 80% year-on-year and surpassing the $2.8 billion estimated by analysts, according to an LSEG-compiled consensus poll. The Swiss banking and asset management giant's common equity tier (CET) 1 capital ratio — a gauge of a bank's solvency — also increased, reaching 14.7% during the period, up from 14.4% the previous quarter.The bank remains on track to buy back $3 billion in shares ahead of its next earnings report for the second quarter, having repurchased $900 million of shares during the three-month period.Underlying profits before tax totaled $3.9 billion, up 54% year-on-year and beating analyst expectations of $3.2 billion.
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