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(Sharecast News) - Profits at UBS rocketed in the first quarter, the Swiss bank confirmed on Wednesday, as its traders capitalised on volatile markets.
Total revenues rose to $14.2bn in the three months to March end, up from $12.6bn a year earlier, while net profits soared 80% to $3.0bn, far outstripping consensus for $2.3bn. The return on CET1 capital was 16.8%.
The above-forecast profit was driven by standout performances at UBS's investment bank and in its core global wealth management (GWM) business, its biggest division. Operating profits at the former soared to $1.2bn from $722m a year earlier, driven by "record" global markets, while GWM saw profits rise to $1.8bn from $1.4bn. Net new assets in GWM rose 3.1% to $37.4bn.
Profits at personal and corporate banking were also noticeably stronger, rising to $1bn from $607m a year previously.
Sergio Ermotti, chief executive, said: "In the first quarter we continued helping clients navigate a volatile and unpredictable geopolitical and market environment, leveraging the strength and breadth of our global, diversified franchise.
"We remain on track to deliver on our financial objectives for 2026."
As at 1030 BST, the Zurich-listed stock had put on 4%.
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