Swiss banking giant UBS on Wednesday reported that net profit rose a better-than-expected 80 percent to $3 billion in the first quarter, lifted by its investment banking arm.<\/p>\n
Revenue climbed 13 percent from the same period last year to $14.2 billion despite “a volatile and unpredictable geopolitical and market environment”, the bank said in a statement.<\/p>\n
Analysts surveyed by the Swiss AWP news agency had forecast on average a profit of $2.4 billion and revenue of $13.4 billion.<\/p>\n
“In an increasingly complex environment, we have delivered excellent 1st quarter results,” chief executive Sergio Ermotti said during a call with analysts.<\/p>\n
The bank said in the statement that investment banking revenue rose 27 percent from the previous year.<\/p>\n
Shares in the company jumped 4.7 percent in afternoon trading while the main Swiss stock index shed 0.5 percent.<\/p>\n
In 2023, UBS agreed to acquire its former competitor Credit Suisse under pressure from the Swiss authorities to prevent its collapse.<\/p>\n
Given UBS’s massive size following the merger, Swiss authorities have sought to strengthen banking regulations to ensure its resilience in the event of macroeconomic or financial market shocks.<\/p>\n
UBS says the government’s proposals are too onerous.<\/p>\n
“On the topic of Swiss capital requirements, we will continue to engage constructively and contribute to fact-based deliberations,” Ermotti said.<\/p>\n
Major American investment banks such as Morgan Stanley and Goldman Sachs have also posted better-than-expected results in the first quarter, driven by their equity brokerage and mergers and acquisitions activities.<\/p>\n
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