UBS beat analysts’ estimates with pre-tax profits of $2.4 billion (CHF 2.2 billion) for the first quarter of this year. The good news was an increase in net cash flows to asset management.
That was three times the forecast, according to the AWP news wire consensus. In the previous quarter, the bank suffered a loss of $751 million at the group level, including a $508 million loss related to its involvement in the Swiss stock exchange Six Group.
The share price was up 8% at CHF 26.90 by 11:09 CEST.