UBS Q1 profit up 14% as Switzerland's No. 1 bank unveils Archegos charge

ZURICH: UBS on Tuesday posted a 14% rise in first quarter net profit, as the world's largest wealth manager unveiled a $774 million revenue hit from the default of US investment firm Archegos which took the shine off record high client activity levels.

First-quarter net profit of $1.824 billion overshot median expectations for $1.591 billion in a poll of 20 analysts compiled by the bank.

The bank posted better than expected pre-tax profit for the first three months of 2021, as surprise increases over the frenzied trading and bumper results achieved during the start of the coronavirus crisis last year helped offset the hit from Archegos first unveiled on Tuesday.