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UBS Bank Grows Profits 40% in First Quarter

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UBS Bank Grows Profits 40% in First QuarterPhoto, wide shot, wide-angle lens, Private equity firm, sunset photo at golden hour, photo by Thomas Heaton: https://img.theapi.app/temp/6a5872d8-cc25-46f8-b436-bf3db1953908.png

In mid-March, Kirt Gardner, the CFO of UBS Bank (NYSE: UBS), said the bank had seen small amounts of loan losses and felt good with its liquidity position, despite the impact of the coronavirus pandemic .

It was a surprise at the time considering what most banks were experiencing, but it apparently held through the rest of the quarter.

The bank reported first-quarter profits 40% higher than the first quarter of last year. Net income was roughly $1.6 billion, or earnings per share of $0.43, up from roughly $1.1 billion in the first quarter of 2019.

Source Fool.com

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