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

The Swiss bank on Tuesday reported net profit attributable to shareholders of $2.136 billion, above forecasts compiled by the bank of $1.79 billion, according to Reuters.

“Macroeconomic, geopolitical and market factors created a high level of uncertainty in the first quarter, with Russia’s invasion of Ukraine, COVID-related restrictions and lockdowns, higher volatility, the lower economic growth outlook, and concerns about higher inflation and the monetary policy response,” the bank said in a release Tuesday.

In its annual report, published earlier in the first quarter, UBS described its market risk exposure to Russia as “limited.” It put its direct exposure to Russia at $634 million, of the bank’s total emerging market exposure of $20.9 billion.

The bank posted a quarterly drop in net profit at the end of 2021, coming in at $1.35 billion. The company’s stock is flat for the year so far.

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