UBS beat analyst forecasts with a 19 per cent rise in quarterly profits, thanks to strong performance in its trading division.
The world’s biggest wealth manager announced $2.7bn of net profit for the first quarter on Tuesday, comfortably ahead of the $2.4bn predicted by analysts.
Profits at the Swiss lender’s investment bank more than doubled compared with the first quarter last year, when it lost $774mn on the collapse of family office Archegos.
The bank benefited in the first quarter of 2022 from a 59 per cent increase in revenues in its trading division owing to strong performance in equity derivatives, interest rates and foreign exchange.
But UBS’s wealth business was hit by a 7 per cent decline in revenues compared with the same period last year, with the group saying transaction-based income fell 19 per cent as clients, particularly in Asia, made fewer transactions.
“The first quarter was dominated by extraordinary geopolitical and macro events,” said Ralph Hamers, chief executive. “Against this backdrop we remained focused on executing our strategic plans, serving…
