UBS earns significantly more – expectations exceeded

FRANKFURT (Dow Jones) – UBS surprisingly increased its profit in the first quarter. The Swiss bank benefited from higher earnings. She also had the costs under control.

Net income rose 17 percent to $2.1 billion in the three months, according to the release. Analysts had forecast just 1.79 billion in a consensus published by the bank itself. Earnings per share were $0.61. The bank earned $2.7 billion before taxes, almost a fifth more than in the same period last year.

According to the further information, the bank formed a loan loss provision of $18 million after being able to release a loan loss provision of $28 million in the previous year.

Revenue increased 8 percent to $9.4 billion. Here the analysts had expected 8.8 billion.

The cost/income ratio fell by 3.1 percentage points to 70.7 percent compared to the previous year. This means that the bank only had to spend just under 71 cents for a dollar of income.

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DJG/mgo/kla

(END) Dow Jones Newswires

April 26, 2022 01:04 ET (05:04 GMT)