Investment Banking News

Swiss banking giant UBS reports a 40% increase in profits

Posted by Anton Murray Consulting on . Posted in Investment Banking News

BusinessInsider

Swiss banking giant UBS posted a rise of 40% in net profits in the first-quarter of 2020, reflecting in part increased client activity during the nascent stages of the coronavirus pandemic. The bank, known for catering to wealthy clients, reported a net profit of $US1.6 billion in the quarter ended March 2020, up some 40% compared to the same period last year, and said it was able to support clients with “advice, credit and liquidity at the time they need it the most.” The Swiss bank’s optimistic results come at a time when the coronavirus pandemic has halted businesses around the world and put pressure on banks as customers have reduced non-essential transactions.

Here are some key metrics versus Bloomberg estimates:

  • Adjusted earnings per share: $US0.53 per share versus $US0.40 expected.
  • Net income: $US1.6 billion versus $US1.1 billion expected.
  • Pre-tax profit: $US2 billion versus $US1.8 billion.

The rest of this article can be found at investordaily.com.au.

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