UBS Group made $1.6 billion in first-quarter profit, up from $1.14 billion a year earlier
UBS Group AG posted a sharp rise in first-quarter net profit as clients traded more in volatile markets and credit losses were relatively contained despite economic disruption from the coronavirus crisis.
Net profit was $1.6 billion, up from last year’s $1.14 billion in the first quarter of 2019. The bank had said earlier this month that it expected to make around $1.5 billion. Credit losses in the first quarter were $268 million, a more than 10-fold jump on first-quarter 2019’s $20 million.
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