The wealth management arm of UBS has registered a pre-tax profit of CHF951m in the first quarter of 2015, up 54% compared to CHF619m a year ago.
For the quarter ended 31 March 2015, the unit’s adjusted profit before tax was CHF856m.
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The unit’s total operating income increased 16% to CHF2.24bn from CHF1.94bn in the corresponding quarter of 2014.
Total operating expenses were CHF1.29bn as of 31 March, a marginal rise of 2% from CHF1.32bn a year earlier.
Net new money increased to CHF14.4bn from CHF10.9bn in the first quarter of 2014.
UBS Wealth Management Americas delivered a pre-tax profit of $268m in the first quarter of 2015, a slight rise of 1% from $272m a year ago. Its adjusted profit before tax for the quarter was $293m.
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By GlobalDataThe unit’s net new money increased to $4.8bn from $2.1bn in the prior year quarter.
Overall, the group’s posted a net profit attributable to shareholders of CHF1.97bn, up 87.5% compared to CHF1.05bn a year earlier.
UBS group CEO Sergio Ermotti said: "I’m pleased with the strong quarter. We stayed close to our clients, we stayed disciplined on risk and we delivered across all businesses and regions. The results again demonstrate the benefits of a strategy defined early and executed with a focus on long-term value creation."
