UBS: wealth management unit drives quarterly profit
(CercleFinance.com) - UBS has had an "excellent" start to 2018, helped by its wealth management business, which posted a "very strong quarter" with year-on-year earnings growth and positive net new money in all regions, the Swiss bank said on Monday.
UBS said net profit attributable to shareholders increased by 19% to 1.5 billion Swiss francs in the first three months of 2018.
The global wealth management unit saw its adjusted profit before tax rise 7% year over year to 1.1 billion Swiss francs, with new records in both the Americas and Asia-Pacific.
The division attracted 19 billion Swiss francs worth of net new money in the quarter.
"Momentum in our business is good and we continue to invest for growth and efficiency," said Group Chief Executive Officer Sergio Ermotti.
Looking ahead, UBS said it remains confident that the global economic growth outlook will continue to provide a "supportive backdrop to markets," even though geopolitical tensions and protectionism remain a "threat" to investor confidence, it said.
However, this report failed to lift the UBS share on Monday morning in Zurich, with the stock down 3.5% at 16.6 Swiss francs in early-morning trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
UBS said net profit attributable to shareholders increased by 19% to 1.5 billion Swiss francs in the first three months of 2018.
The global wealth management unit saw its adjusted profit before tax rise 7% year over year to 1.1 billion Swiss francs, with new records in both the Americas and Asia-Pacific.
The division attracted 19 billion Swiss francs worth of net new money in the quarter.
"Momentum in our business is good and we continue to invest for growth and efficiency," said Group Chief Executive Officer Sergio Ermotti.
Looking ahead, UBS said it remains confident that the global economic growth outlook will continue to provide a "supportive backdrop to markets," even though geopolitical tensions and protectionism remain a "threat" to investor confidence, it said.
However, this report failed to lift the UBS share on Monday morning in Zurich, with the stock down 3.5% at 16.6 Swiss francs in early-morning trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.