UBS reported $1.03 billion in net profit for the first quarter, down 52% year-on-year amid a legacy litigation matter.
The Swiss bank increased its provisions of $665 million following a residential mortgage-backed securities litigation matter.
UBS shares have jumped more than 10% since the news that it was buying its embattled Swiss competitor last month.Fabrice Coffrini | Afp | Getty Images The hit in net income came from increased provisions of $665 million following a U.S. residential mortgage-backed securities litigation matter.
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