Profits far beyond expectations for ubs who announced that they have filed the first quarter with an 88% increase in net income year over year. This is the highest quarterly profit in about five years.
Data for the first three months of the year for the main Swiss bank indicate a net profit of 1,977 billion Swiss francs (1,9 billion euros), a figure much higher than the estimate of analysts who stopped at 1,1 billion Swiss francs.
“I am satisfied with the solid results achieved this quarter,” CEO Sergio Ermotti said in a statement.
The very positive data on the profits of the main Swiss bank put the turbo on the title on the Zurich stock exchange which at 9,40 earn almost 5%.
UBS also announced that talks with the US Justice Department are in progress to find an agreement in the face of allegations of manipulation of the currency market.
