UBS, the world's largest wealth manager, increased 40% in net profit for the first quarter of 2020 to $ 1.595 billion. < / p>
According to Reuters, these profits were due to increased trading activity for clients in light of the market turmoil due to the spread of Corona virus and at the time the bank provided more loans to its wealthy clients.
The bank has previously announced that it expects to achieve a net profit of about $ 1.5 billion in the first quarter of the year, in light of strong operating performance in various business sectors even after it took into account the risks of higher default rates due to the Corona pandemic.
The bank incurred a credit cost loss of $ 268 million in this quarter and said it was primarily exposed to credit related to wealth management clients and within Switzerland, indicating that its credit book was of high quality.
The main sector of the bank, managing the wealth of the world's wealthy people, witnessed a decline in the invested assets to $ 2.339 trillion in light of the decrease in the asset valuations, while revenues in various sectors increased, which helped to increase the operating profit by 14 percent.
