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UBS Sees Unpredictable Economic Path Forward
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By Adria Calatayud
UBS Group reported a first-quarter net profit that was lower than in the year-earlier period but higher than what analysts had forecast, as the bank warned that the economic path forward is particularly unpredictable.
The Swiss banking giant said Wednesday that it is confident on delivering on its targets despite an uncertain environment and market volatility caused by rapid and significant changes to trade tariffs.
Net profit for the first quarter was $1.69 billion, down from $1.755 billion for the same period last year, UBS said. Analysts had forecast a net profit of $1.30 billion, according to consensus estimates compiled by the bank.
Write to Adria Calatayud at adria.calatayud@wsj.com