UBS: posts 'resilient' results in 'challenging' conditions

(CercleFinance.com) - Swiss bank UBS, the world's biggest wealth manager, said it has delivered "resilient" first-quarter results on Thursday, compared with a "very strong" first quarter last year.


This morning UBS reported a profit before tax (PBT) of 1.55 billion dollars for the first three months of the year, down 26% year-on-year.

In a statement, the bank said that it benefitted from a 241 million dollar pension credit in its first-quarter results last year.

In the past quarter, its key global wealth management unit saw its adjusted profit before tax fell 21% to 873 million dollars.

"The first quarter of 2019 was characterized by challenging market conditions, which improved towards the end of the quarter and into April" said, CEO Sergio Ermotti.

UBS also reported 9% lower operating expenses over the quarter, which seemed to please the market.

UBS shares were up 1.2% at 13.4 Swiss francs outperforming a 0.6% decline in the STOXX Europe 600 Optimised Banks index.

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