ZURICH, April 25 (Reuters) - UBS, Switzerland’s biggest bank, on Thursday posted a $1.14 billion net profit for the first quarter of 2019 as a pickup in market conditions dampened a hit to trading revenues and client activity.
The 27 percent drop in earnings still beat the median net profit estimate in an Infront Data poll for a 46 percent slide to $848 million. The bank’s own consensus pointed to a $902 million bottom line.
“The first quarter of 2019 was characterised by challenging market conditions, which improved towards the end of the quarter and into April,” Chief Executive Sergio Ermotti said in a statement. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)