For the current quarter period, its profit before tax on a reported basis stood at CHF1.44bn ($1.54bn) compared with a loss before tax of CHF1.83bn ($1.96bn) in the prior quarter.
Operating income grew by CHF1.56bn ($1.67bn), mainly due to higher net interest and trading income, while operating expenses declined by CHF1.71bn ($1.83bn), mostly as a result of reduced net charges for provisions for litigation, regulatory and similar matters.
Wealth Management’s profit before tax in the first quarter was CHF664m ($709m) compared to CHF398m ($425m), while Wealth Management Americas profit before tax was $251m against $216m during the fourth quarter last year.
The Investment Bank recorded a profit before tax of CHF977m ($1.04bn) compared to a loss before tax of CHF243m ($259.4m) in the fourth quarter of 2012.
Global Asset Management’s profit before tax was CHF190m ($202.8m), versus CHF148m ($158m), while Retail & Corporate’s profit before tax was CHF347m ($370.5m) compared to CHF361m ($385.4m) during the prior quarter.
The bank’s fully applied BIS Basel III common equity tier 1 ratio increased to 10.1% from 9.8%, while phase-in BIS Basel III common equity tier 1 ratio was stable at 15.3%.
