All UBS's (NYSE:UBS) (SWX:UBSN) businesses navigated the challenges of the first quarter well resulting in a Group adjusted profit before tax of CHF2.3 billion.
UBS has reported net profit attributable to shareholders of CHF1,977 million – an increase of 88 per cent on the previous year – and diluted earnings per share of CHF0.53. The quarter showed that clients value UBS's advice and the firm is succeeding in the areas in which it chooses to compete.
Sergio P. Ermotti, Group Chief Executive Officer, says: “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.”
UBS continued to demonstrate its fundamental earnings power and ability to perform for its clients in a variety of market conditions. Together, UBS's wealth management businesses delivered the highest profits since 2008 and net new money of CHF 19 billion. They made solid progress with their strategic initiatives to grow lending and increase mandate penetration. Retail & Corporate reported its best first quarter in five years, despite the introduction of negative interest rates in its home market. Global Asset Management posted its best quarter since 2009 and robust net new money. And a solid performance in the Investment Bank, achieved without deploying more risk, demonstrated the strength and consistency of its diversified and client-focused model.
Information in this release is presented for UBS Group AG on a consolidated basis unless otherwise specified. Key figures for UBS AG are included at the end of this release. Financial information for UBS AG does not differ materially from UBS Group AG. UBS AG will publish its consolidated quarterly financial statements in electronic form only on 8 May 2015.