UBS Q1 Net Profit Jumps

reported a rise in its net profit for the first quarter. UBS posted a quarterly net profit of 1.98 billion Swiss francs ($2.14 billion), versus a year-ago profit of 1.05 billion francs. EPS rose to 0.53 franc from 0.27 franc. Its adjusted profit before tax came in at 2.3 billion francs. Total operating income jumped to 8.841 billion francs, compared to 7.258 billion francs. Wealth Management adjusted profit before tax came in at CHF 856 million, while Retail & Corporate adjusted profit before tax was CHF 443 million. Adjusted profit before tax for Global Asset Management came in at CHF 186 million, while Investment Bank posted an adjusted profit before tax of CHF 844 million. Sergio Ermotti, Group Chief Executive Officer, said, "I'm pleased with the strong quarter. We stayed close to our clients, we stayed disciplined on risk and we delivered across all businesses and regions. The results again demonstrate the benefits of a strategy defined early and executed with a focus on long-term value creation." UBS shares rose 1.19 percent to close at $20.36 yesterday.