UBS Stock Rallies After Bank Swings Back to Profit

UBS Stock Rallies After Bank Swings Back to Profit·The Wall Street Journal
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UBS is back in profit, after two loss-making quarters driven by costs from integrating Credit Suisse. The Swiss bank posted a $1.8 billion net profit in the first quarter, triple the roughly $600 million that analysts were expecting. UBS on Tuesday said it expects net interest income to decline by a low-to-mid single-digit percentage in its main global wealth management business, due to lower lending and deposit volumes and lower interest rates in Switzerland.

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