Despite a pretax loss this quarter by its Americas wealth management unit, UBS AG, Switzerland’s largest bank, recorded a $1.71 billion net profit and diluted earnings per share of $0.44.

The gains were made despite sharply lower wealth management revenues, which the company credited to a decrease in lower client activity and the strengthening of the Swiss franc against most major currencies. Roughly half that profit, $850 million, was a net tax credit and an own-credit charge of $398.7 million. The company reported before-tax profits of $842.8 million.

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