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UBS: Q1 performance below expectations

( - UBS disappointed investors on Tuesday by reporting Q1 financial performance that fell short of expectations overall.

The company's net profit attributable to shareholders fell by 52% to $1,029m, giving diluted EPS of $0.32, way off the consensus of $1,709m.

The Swiss banking group said its results were weighed on by a $665m provision relating to a dispute over residential mortgage-backed securities (RMBS) in the US.

Even so, UBS said that it had maintained "good momentum" with its clients, with net new money of $28bn in the quarter in its wealth management business.

Of this, $7bn came in the last ten days of March, following the announcement of the Credit Suisse acquisition.

The bank says it is fully focused on the deal, which it expects to close in Q2 2023.

UBS also reports that it has temporarily suspended its share buybacks due to the proposed acquisition of Credit Suisse, but says it plans to resume them "as soon as possible".

Following all these announcements, UBS shares fell by around 3% in early trading on Tuesday, posting the biggest drop in the SMI index, after starting the session down over 5%.

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