UBS posted strong profits, with record net income from the bank's Wealth Management Americas division contributing to an overall strong quarter.
UBS Wealth Management Americas' profits before tax grew to $272 million from $210 million for the same period a year ago, a 30% increase.
Revenue increased 10% year-over-year, rising to $1.86 billion from $1.69 billion. Expenses rose slightly to $1.6 billion from $1.5 billion.
Client assets grew to $1.04 trillion from $936 billion, an 11% increase. The number of financial advisors rose slightly to 7,113 from 7,065 for the year-ago period. Revenue per financial advisor surged 8%, reaching $1.03 million from $961,000.
"Im pleased with the first quarter as we demonstrated sustainable profitability across all business divisions and regions. Dedicated and disciplined execution of our strategy for the benefit of clients and shareholders remains our top priority," UBS CEO Sergio Ermotti said in a statement.
The Swiss bank's net profit increased 7%, rising to 1.05 million Swiss francs from 989 million Swiss francs.
Total revenue slipped 7.25 billion Swiss francs from 7.7 billion Swiss francs, a 7% decrease. At the same time the bank's expenses also fell to 5.8 billion Swiss francs from 6.3 billion Swiss francs, a 7% decrease. The bank has been cutting costs and streamlining its operations.
Earnings-per-diluted share rose to $0.27 from 0.26 per share.