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UBS beat analyst forecasts with a 19 per cent rise in quarterly profits, thanks to strong performance in its trading division.

The world’s biggest wealth manager announced $2.7bn of net profit for the first quarter on Tuesday, comfortably ahead of the $2.4bn predicted by analysts.

Profits at the Swiss lender’s investment bank more than doubled compared with the first quarter last year, when it lost $774mn on the collapse of family office Archegos.

The first quarter of 2022 benefited from a 59 per cent increase in revenues in its trading division due to strong performance in equity derivatives, interest rates and foreign exchange.

Yet UBS’s wealth business was hit by a 7 per cent decline in revenues compared with the same period last year, with the group saying transaction-based income fell 19 per cent as clients — particularly in Asia — made fewer transactions.

“The first quarter was dominated by extraordinary geopolitical and macro events,”…

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