ZURICH: Swiss bank UBS says its net profit rose 19 percent in the first quarter, saying “momentum is good” amid sharp upswings in wealth management and investment banking profits.
The Zurich-based bank said net income rose to 1.51 billion Swiss francs ($1.55 billion) in the first quarter, from 1.27 billion francs a year earlier and following a 2.34-billion-franc loss in the fourth quarter.
UBS said it remains confident about global growth prospects that could underpin markets, “even though geopolitical tensions and the rise of protectionism remain a threat to investor confidence.”
The bank said its wealth management unit had record adjusted pre-tax profit in the Americas and Asia-Pacific. Asset management took in 27 billion francs in new money, reaching a decade-high of invested assets of 792 billion francs.
