UBS Reports Strong Q1 Growth as Net Profit Surges 80%

Swiss banking giant UBS exceeded analyst expectations for the first quarter, reporting a net profit of $3 billion. The firm also demonstrated improved solvency and continued its aggressive share buyback program.

• Net profit reached $3 billion, beating the $2.8 billion estimate
• Underlying profit before tax rose 54% to $3.9 billion
• CET1 solvency ratio increased to 14.7%
• Repurchased $900 million in shares during Q1
• Targeting $3 billion in total buybacks before Q2 report