UBS posts $1.7bn net profit as volatility drives earnings

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The UBS has expressed a net profit of $ 1.7 billion, beating analysts when unstable financial markets helped earn the largest bank in Switzerland.

The bank’s net profit decreased before $ 1.8 billion, but $ 1.3 billion before the forecasts of analysts. The quarterly revenues reported $ 12.6 billion.

The UBS Investment Bank posted 16 percent to $ 3.3 billion, which stimulates its market business, where revenues increased by 32% compared to last year, compared to last year.

The World Wealth Management Department took $ 32 billion in new drams.

“The powerful and scale of our diversified global privilege, which is combined with our continuing focus on customers, pushes a strong business in the quarter and purely new inflows in the collection of assets,” said Chief Executive Director Sergio Ermoti.

This is a developing story