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UBS profits beat expectations, powered by Asia wealth business
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UBS beats profit expectations thanks to Asia-wealth flows, boosting confidence for the banking sector in the region.
UBS Group AG posted stronger-than-expected quarterly profits, boosted by its Asia-Pacific wealth-management arm which saw net new flows of US$37.9 billion. The bank’s performance underscores high demand for wealth-management services in the region. Investors raised concerns around the firm’s Additional Tier 1 (AT1) capital instruments given global regulatory attention, but overall sentiment was positive for the firm’s growth trajectory in Asia. The result may support broader financial-sector sentiment in Asia and globally.