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UBS' Q1 Profit Dips 52% due to an Increased Legal Provision

Swiss banking giant UBS ended the first quarter of 2023 with a 52 percent annual drop in its profit, primarily due to a provision of $665 million for US residential mortgage-backed securities litigation matter. The bank's net profit came in at $1.03 billion, down from analysts' expectations of $1.75 billion. A Drop in Revenue and Profit Revenue for the quarter also dropped to $8.75 billion from $9.38 billion a year ago. Investment banking fees went down by 30 percent to $383 million. Trading rev... Read More

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Ubs

Profit

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Increased

Legal

Provision

Forex

Posted: Apr 25 2023, 08:54

Author Name: financemagnates

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