UBS Group AG (NYSE:UBS) reported first-quarter net profit on Wednesday that exceeded expectations, supported by strong contributions from its wealth management and investment banking divisions.
Net profit for the three months ending March 31 climbed 80% year over year to $3.0 billion, the bank said in a statement, comfortably ahead of Bloomberg consensus estimates of $2.42 billion.
UBS highlighted solid performance across its global wealth management, asset management, and investment banking businesses, with its trading operations benefiting in particular from heightened market volatility in recent months.
The bank also said it remains on course to “substantially complete” the integration of Credit Suisse by the end of the year, which is expected to unlock further growth and efficiency improvements.
UBS pointed to a strong capital position and confirmed it is on track to complete $3 billion in share buybacks by the end of the second quarter, with additional repurchases planned later in the year.