UBS has reported pre-tax profits of $1.51 billion in the first quarter of 2023. This is a 45 percent decrease year on year.
The Swiss bank attributed this to a $665 million provision related to the US residential mortgage-backed securities (RMBS) litigation matter.
On an underlying basis, pre-tax profits stood at $2.36 billion, which is a 22 percent decrease year on year.
Revenues fell 7.0 percent, while operating expenses were up 9.0 percent.
UBS ...
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