For the first quarter of 2011, the operating income was CHF8.34bn, compared to CHF9.01bn for the same period last year.
Operating expenses for the first quarter of 2011 were CHF6.11bn, compared to CHF6.2bn for the corresponding quarter of 2010.
Group revenues were up to CHF8.3 billion compared with CHF7.1 billion for the same period in 2010.
Wealth Management’s net new money increased to CHF11.1bn; pre-tax profit up 40% to CHF645m; gross margin rose to 98 basis points.
Wealth Management Americas’ pre-tax profit was CHF111m, up from a small loss in the prior quarter; net new money at CHF3.6bn improved for the fifth consecutive quarter.
UBS CEO Oswald Grubel said that the bank is satisfied with the result considering market activity during the first quarter, and he is particularly pleased by the increase in net new money, confirming the return of client trust and confidence.
