UBS has posted a net profit of CHF1.51bn for the first quarter of 2018, an increase of 19% compared to CHF1.27bn a year ago, driven by performance of its wealth management business.
Compared to the previous year, the group’s adjusted pre-tax profit dropped 3% to CHF1.87bn and reported pre-tax profit soared 17% to CHF1.97bn.
The group’s total operating income rose 2% to CHF7.69bn from CHF7.53bn last year, while total operating expenses dipped 2% year-on-year to CHF5.72bn.
The group’s global wealth management business reported adjusted profit before tax of CHF1.12bn for the first quarter of 2018, up 7% from CHF1.05bn in the corresponding quarter of 2017. Net new money for the quarter was CHF19bn.
Adjusted profit before tax at the group’s asset management business decreased 12% to CHF108m from CHF123m in the previous year. Net new money excluding money market flows was CHF26.6bn.
UBS group CEO Sergio Ermotti said: “We had an excellent start to 2018, with our results once again showing the power of our diversified business. Momentum in our business is good and we continue to invest for growth and efficiency.”