UBS q1 2023 results post deal to buy Credit Suisse

UBS reported a 52% annual drop in net profit on Tuesday amid a legacy litigation matter, but maintained it is a “source of stability” for its clients during periods of high uncertainty.

These are the bank’s first results since announcing its takeover of rival Credit Suisse.

UBS said net profit came in at $1.03 billion for the first quarter, coming in well below analyst expectations of a net profit near $1.75 billion for the period, according to Refinitiv.

The hit in net income came from increased provisions of $665 million following a U.S. residential mortgage-backed securities litigation matter.

Speaking to CNBC’s Geoff Cutmore, UBS CEO Sergio Ermotti — who resumed his post on April 5 —…