UBS posts 40% rise in Q1 profit as wealth shows resilience
Net profit of US$1.6 billion is its best quarter since 2008; all business divisions post strong operating performance
Wed, Apr 29, 2020 - 5:50 AM
UBS' investment bank more than tripled pre-tax earnings while asset management increased earnings by 52 per cent.
UBS, the world's largest wealth manager, reported a 40 per cent rise in January-March profit on Tuesday, buoyed by ultra rich clients reshuffling portfolios to cope with the coronavirus outbreak and as a revamp helped its core business to its best quarter since 2008.