Swiss banking giant UBS reports a 40% increase in profits, and lauds its own strength in 'turbulent times'
that the bank's challenges going forward would include staying relevant and keeping in touch with clients regardless of whether they are private, institutional or corporate clients.
"It's only one quarter and we need to focus on maintaining the momentum," Ermotti said of the bank's well-placed current position. Owing to"significantly higher volumes and volatility," revenue from global markets rose 44% in the bank's global markets division. "Looking ahead, the range of possible outcomes remains very wide, and it is too early to make reliable predictions about the timing and shape of any potential economic recovery," the bank said in a statement.in February that Ralph Hamers, current CEO of ING Group, will take over as chief executive effective November 1, 2020. — a core measure of financial strength — stood at 12.8% versus 13.7% last year.— an efficiency ratio — was up at 72.
UBS' share price has dropped nearly 30% in the last year. Shares rose 4.2% on Tuesday in early pre-market trading.
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