WASHINGTON (dpa-AFX) - Swiss banking major UBS Group AG (UBS) reported Tuesday lower profit and revenues in its first quarter.
Regarding the current trading, the company noted major market volatility in the first weeks of April caused by rapid and significant changes to trade tariffs, heightened risk of escalation and significantly increased macroeconomic uncertainty.
Looking ahead, in the second quarter, the company expects net interest income in Global Wealth Management to decline sequentially by a low-single-digit percentage.
A similar decline is expected in Personal & Corporate Banking's NII in Swiss francs. In US dollar terms, Personal & Corporate Banking's NII is expected to increase sequentially by a mid-single-digit percentage.
In the first quarter, net profit attributable to shareholders was $1.69 billion or $0.51 per share, compared to last year's $1.76 billion or $0.52 per share.
Operating profit before tax fell 10 percent year-over-year to $2.13 billion and underlying profit before tax dropped 1 percent to $2.59 billion.
Revenues were $12.56 billion, down 1 percent from last year's $12.74 billion. On an underlying basis, revenues decreased slightly to $11.90 billion. Underlying revenues from core businesses increased 6 percent,
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