Published on 5 May, the report showed adjusted profit before tax of £1.9bn in the three months to 31 March, up from £458.2m in the previous quarter and equating to 92.7% of the firm’s profit in 2014.
The increase translated to £1.4bn in net profit attributable to UBS shareholders and diluted earnings of 37p per share, rising from 18p per share recorded in the three months prior.
A key influence on the Q1 performance was the investment bank’s global wealth management arm, which accounted for almost a third of UBS’ overall profit before tax, contributing £605.3m.
The firm cited a net new money flow of £10.9bn, along with increased operating income and reduced expenses, as driving factors.
Also significant was the performance of the US wealth management division, which saw its adjusted profit before tax reach £193.6m, stemming from net new money of £3.17bn.
UBS Global Asset Management’s adjusted pre-tax profit jumped 49.9% to £131.5m, up from £87.7m in the previous quarter, boosted by net inflows of £3.6bn and £5.3bn in net new money.
Additional noteworthy contributions came from the firm’s client services business, which delivered £1.3bn in revenue, and £596.8m adjusted pre-tax profit in the investment banking arm.
“I am pleased with the strong quarter,” said Sergio P. Ermotti, UBS chief executive.
“We stayed close to our clients, we stayed disciplined on risk and we delivered across all businesses and regions. The results again demonstrate the benefits of a strategy defined early and executed with a focus on long-term value creation.”
