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REFILE-UBS Q1 profit rises 79 pct on brighter outlook
April 28, 2017 / 4:55 AM / 8 months ago

REFILE-UBS Q1 profit rises 79 pct on brighter outlook

(Adds dropped word “million” in second paragraph)

ZURICH, April 28 (Reuters) - Swiss bank UBS kicked off 2017 with a 79 percent jump in net profit as a brighter outlook boosted its investment bank and client trading in its core wealth management business.

Switzerland’s biggest bank and the world’s largest wealth manager said on Friday net profit for the first three months of 2017 was 1.3 billion Swiss francs ($1.31 billion). This overshot the average estimate of 919 million francs in a Reuters poll of seven analysts, beating even the highest forecast.

“While the global recovery is likely to continue, macroeconomic uncertainty, geopolitical tensions and divisive politics pose risks that may affect client sentiment and transaction volumes,” UBS said in a statement. (Reporting by Brenna Hughes Neghaiwi and Joshua Franklin; Editing by Michael Shields)

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