0746 GMT - UBS Group's underlying profit beat consensus expectations by a wide margin and this was mainly driven by its investment bank and its noncore unit, Jefferies's Joseph Dickerson and Theo Massing say in a research note. The Swiss bank benefited from a strong performance at its investment bank, with revenue from equities up 34% on year and from fixed income, currencies and commodities up 27%, Jefferies says. Losses at UBS's noncore business--which houses former Credit Suisse assets it wants to offload--were smaller than expected and contributed to the better-than-anticipated group result, the analysts say. Among the other divisions, global wealth management exceeded expectations, but its personal and corporate bank and its asset-management arm were weaker than forecast, Jefferies says. Shares rise 1.2%. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
April 30, 2025 03:46 ET (07:46 GMT)
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