UBS Q1 profit jumps 79% on brighter outlook

Switzerland's national flag flies under the logo of Swiss bank UBS in Zurich.
Switzerland's national flag flies under the logo of Swiss bank UBS in Zurich. PHOTO: REUTERS

ZURICH (REUTERS) - Swiss bank UBS kicked off 2017 with a 79 per cent 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 (April 28) that net profit for the first three months of 2017 was 1.3 billion Swiss francs (S$1.82 billion). This overshot the average estimate of 919 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.