ZURICH (Reuters) – UBS Group AG (SIX:) on Tuesday reported a 52% slide in revenue for the primary quarter because of a rise in authorized provisions for a legacy litigation matter.

The consequence comes at a tumultuous time for the Swiss financial institution after it was compelled into taking on former rival Credit score Suisse.

Internet revenue attributable to shareholders got here in at $1.03 billion versus the $1.71 billion common of 15 analyst estimates in a UBS-conducted ballot.

UBS mentioned it elevated provisions referring to U.S. residential mortgage-backed securities litigation by $665 million.

“We’re in superior discussions with the US Division of Justice, and I’m happy that we’re making progress towards resolving the legacy matter which dates again 15 years,” Chief Government Sergio Ermotti, who has newly rejoined the financial institution to steer the takeover, mentioned in a press release.