Highlighting the power and potential of the franchise.
The bank posted an 80% percent increase in net income after better-than-expected results at the wealth-management and investment-banking divisions. Wealth management contributed $642m in pre-tax profit, compared with estimates of $550m, while investment-banking earnings rose to $482m, beating the $351m estimate.
CEO Sergio Ermotti has stepped up cost-cutting to help offset shrinking profit margins in wealth management, UBS’s main business since he scaled back the investment bank in late 2012, and pledged to reduce the company’s cost base by $2.1bn.
Ermotti said: 'Our very strong results in the first quarter highlight the power and potential of our franchise. We will continue to manage our business with discipline, focusing on sustainable performance and long-term growth.”
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