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UBS Stock Falls 2% after Record of Slump in Q1 2023 Net Profit
The shares of Swiss multinational banking giant UBS Group AG (SWX: UBSG) are seeing a mild slump today after the firm revealed that its net profit for the first quarter took a significant hit. While still largely profitable, UBS said the net profit for the quarter dropped by 52% over the past year to $1.03 billion.
UBS said the drop in revenue was fueled by the more prolonged US residential mortgage-backed securities litigation matter. The legal tussle cost the firm a total of $660 million in the quarter. While many may see the litigation and its accruing costs as a negative one, UBS CEO Sergio Ermotti believes the case is just about getting set to be closed.
“We are in advanced discussions. Hopefully, we can close this 15-year-old chapter very soon,” he said.
UBS impressed on some of its key growth metrics for the quarter in consideration of the outlook of the global financial ecosystem in Q1. The Swiss gia
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