UBS has beat expectations for the first quarter of 2022 and said it has further reduced its exposure to Russia.

According to Reuters, the net profit of shareholders at Swiss Bank was $2.136 Billion on Tuesday. This is higher than forecasts of $1.79 Billion by the bank.

The bank released Tuesday a statement saying that “Macroeconomic and geopolitical factors caused a high degree of uncertainty in quarter one, with Russia’s invasion in Ukraine, COVID restrictions and lockdowns and higher volatility. There were also concerns about increased inflation and the response of the monetary policies.”

UBS published its first quarter annual report earlier this year and described Russia’s market risk exposure as “limited”. UBS estimated that its exposure to Russia was $634 million of its total exposure to emerging markets of $20.9 billion.

At the end 2021, net profits fell by $1.35 Billion. For the entire year, shares have been flat.

—This is a breaking news story and it is being updated.