The lender said that growth in revenues before own credit across all business divisions and the corporate center has assisted to bring improved pre-tax profit of CHF1.3bn ($1.4bn) compared to CHF481m ($529m) during the last quarter of previous fiscal.
Operating profit before tax surged by CHF1.4bn ($1.5bn) to CHF2.1bn ($2.3bn) due to higher operating income, partly counterbalanced by increased operating expenses.
UBS Group CEO Sergio Ermotti said that the bank has witnessed improved operational performance across all their businesses, strengthened their leading capital ratios further, reduced risk-weighted assets and remained vigilant on costs.
The bank’s wealth management segment reported pre-tax profit for the current quarter period at CHF803m ($883m) compared to CHF471 ($518m) in the previous quarter.
Wealth Management Americas quarterly pre-tax profit was $209m in the quarter ended on 31 March 2012 versus $156m during the same period last year.
Investment banking segment pre-tax profit stood at CHF730m ($803m) compared to a pre-tax profit of CHF99m ($108m) during the last quarter of previous year.
USB said that its global asset management pre-tax profit for the first quarter of 2012 was CHF156m ($171m) versus CHF118m ($129m) during the same quarter in 2011.
