Beats expectations, reduces Russia exposure


UBS has beat expectations for the first quarter of 2022 and said it has further reduced its exposure to Russia.

The Swiss bank on Tuesday reported net profit attributable to shareholders of $2.136 billion, above forecasts compiled by the bank of $1.79 billion.

It marks a 17% rise from the $1.82 reported for the same period of 2021 and follows a drop in quarterly net profit to $1.35 billion at the end of the year.

The bank has previously described its market risk exposure to Russia as “limited” and on Tuesday said it had reduced its exposure to $0.4 billion as of March 31, compared with $0.6 billion at the end of 2021.

In addition, it said it had no material exposure to Ukraine or Belarus,…

Source cnbc.com

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