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UBS has become the last bank to draw a market from the bustle of the market launched by Donald Trump’s prices, as its merchants helped feed the Swiss lender with better than expected profits in the first quarter.
Revenues from its market activities jumped 32% to $ 2.5 billion during the quarter, after Trump’s aggressive trade war sparked volatility in the global markets of actions and currencies.
Trump’s erratic price policy since returning to the White House has helped to propel negotiation revenues in major banks in Europe and Wall Street, while investors affirm the fallout of its efforts to reshape the world trading order.
UBS declared a net profit of $ 1.7 billion in the quarter, exceeding forecasts of $ 1.3 billion per analysts, but against $ 1.8 billion in the same period a year ago. Income was stable at 12.6 billion dollars.
Revenues from its investment banking division increased by 16% to $ 3.3 billion during the quarter.
Its global wealth management division attracted $ 32 billion in new assets during the period, the benefit before tax of the $ 1.4 billion unit caused by higher costs.
CEO Sergio Ermotti said: “The power and scale of our diversified global franchise, associated with our continuous accent on customers, have led a great commercial dynamic during the quarter and new net entries in our asset collection companies.”
Ermotti, who returned to direct integration by the bank of the former Swiss Rival Credit in 2023, said that the process was “on the right track”. UBS is changing more than 1 min of retail customers to its systems, one of the most complicated parts of integration.
“While we are starting to execute the next critical phase of integration, I am satisfied with the substantial progress we have made so far,” said Ermotti.
