UBS Returns to Profit as CEO Ermotti Affirms Buyback Plans
- Investment bank result better than forecast aided by US
- Net income in first quarter was $1.8 billion after two losses
The UBS Group AG headquarters in Zurich, on May 7.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
UBS Group AG returned to profit after two loss-making quarters, cementing sustained progress in the integration of Credit Suisse after its emergency rescue last year.
The Zurich-based bank said net income in the first quarter was $1.8 billion, three times what analysts forecast. While accounting effects related to the takeover represented a large part of the beat, strong performance in managing wealth and investment banking aided the result.