UBS generated a net profit attributable to shareholders of $3 billion for the first quarter, up 80% year-on-year and surpassing the $2.8 billion estimated by analysts, according to an LSEG-compiled consensus poll.
The Swiss banking and asset management giant's common equity tier (CET) 1 capital ratio â a gauge of a bank's solvency â also increased, reaching 14.7% during the period, up from 14.4% the previous quarter.
The bank remains on track to buy back $3 billion in shares ahead of its next earnings report for the second quarter, having repurchased $900 million of shares during the three-month period.
Underlying profits before tax totaled $3.9 billion, up 54% year-on-year and beating analyst expectations of $3.2 billion.
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