The investment bank attributed the rise in profits to favourable market conditions, investor sentiment and strong client activity
UBS US wealth management headquarters. (Credit: Arnapoli/Wikipedia.)
UBS has reported a net profit of $1.82bn for the first quarter ended 31 March 2021, a 14% rise compared to $1.59bn for the same period the previous year.
The investment bank has reported an operating profit before tax (PBT) of $2.29bn for the first quarter (Q1) of 2021, a 14.5% increase compared to $2bn for the same quarter in 2020.
Its operating income was $8.7bn for Q1 2021, a 10% rise compared to $7.9bn for the corresponding quarter in 2020.
The Swiss investment bank has attributed the rise in profits to favourable market conditions, investor sentiment and strong client activity.
UBS CEO Ralph Hamers said: “In the first quarter of 2021, our clients benefited from our broad capabilities, geographic reach and connectivity. They continued to put their trust in us and looked to UBS for advice, solutions and thought leadership in a dynamic market environment.
“This was evidenced by the continued net inflows that helped our invested assets across wealth and asset management grow by over 100 billion dollars to 4.2 trillion.
“This, together with favourable market conditions and improved investor sentiment, contributed to positive results in the first quarter of 2021.”
The Global Wealth Management business of UBS reported an operating profit before tax (PBT) of $1.40bn for Q1 2021, a 16% increase compared to $1.21bn for the same quarter in 2020.
The Personal & Corporate Banking division reported an operating PBT of $389m for Q1 2021, an increase of 16% compared to $334m for Q1 2020.
The bank’s Asset Management business has reported an operating PBT of $227m for Q1 2021, a 45% rise compared to $157m for the same period last year.
Its Investment Bank division has reported an operating PBT of $412m for Q1 2021, a 42% decrease compared to $709m for the corresponding quarter in 2020.