Zurich — Swiss banking giant UBS delivered strong first-quarter results, driven largely by its investment banking and wealth management activities, it said on Monday. UBS, which is the world’s largest Swiss banking institution, said net profit for the first three months of the year rose 19% to Sf1.5bn ($1.5bn). Income in its global wealth management department rose 5% to Sf4.1bn. "We had an excellent start to 2018, with our results once again showing the power of our diversified business," CEO Sergio Ermotti said. The bank said it was optimistic about the future of the world economy, despite the threat of a US-China trade war and escalating conflict in the Middle East tinderbox. "We remain confident that global economic growth prospects will continue to provide a supportive backdrop to markets, even though geopolitical tensions and the rise of protectionism remain a threat to investor confidence," the bank said. Investment bank outperforms The slimmed-down investment bank took advan...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.