The logo of Swiss banking giant UBS engraved on the wall is seen on its headquarters on May 8, 2019 in Zurich.UBS reported Tuesday that net profit had risen by 40% in the first quarter of 2020.
Net profit attributable to shareholders came in at $1.6 billion in the three months to the end of March, up fromThe results come at a time of significant pressure for banks in particular, as the coronavirus pandemic has brought the global economy to a standstill.
UBS said earlier this month that it will suspend half of its 2019 dividend payout until later this year, after pressure from Swiss regulator FINMA. The bank's chief executive officer, Sergio Ermotti, said earlier this month that it was too early to discuss 2020 dividend plans. UBS's share price has dropped around 30% over the last 12 months. In February, the bank announced that Ralph Hamers will be taking over as chief executive officer on November 1.
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