RTTNews | Apr 27, 2021 01:14AM EDT

01:14 Tuesday, April 27, 2021 (RTTNews.com) - Swiss banking giant UBS Group AG (UBS) Tuesday reported that first-quarter net profit attributable to shareholders grew 14 percent to $1.82 billion from last year's $1.60 billion. Earnings per share were $0.49, up from $0.43 last year.

The company noted that the default by a US-based client of its prime brokerage business resulted in an impact on attributable net profit of $434 million.

Profit before tax was $2.30 billion, up 14 percent from last year, including net credit loss releases of $28 million.

Operating income increased 10 percent to $8.71 billion from last year's $7.93 billion. Operating expenses increased 8 percent.

Return on CET1 capital1 was 18.2 percent.

The company said it will resume repurchasing shares shortly.

Looking ahead, UBS expects revenues in the second quarter of 2021 to be influenced by seasonal factors, such as lower client activity compared with the first quarter of 2021.

The company said economic, social, and geopolitical tensions remain, raising questions around the sustainability and shape of the recovery.

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