UBS Q1 net profit goes down by 52%

UBS Group’s year-on-year net profit in the first quarter of 2023 has declined by 52 percent, reaching $1.03 billion, failing to meet expectations, the bank announced on Tuesday.

The announcement comes during the Swiss bank’s old pending lawsuit involving the U.S. authority, and amidst its acquisition of its failing rival, Credit Suisse, which the Swiss authority is meddling in.

The UBS acquisition of Credit Suisse, which is worth $3.2 billion, is expected to create a world leading wealth management fund, managing investment assets worth $five billion, UBS stated last month.