In the first quarter of 2014 the Swiss bank ubs reported earnings up 7% year-on-year to 1,05 billion Swiss francs (865 million euros). The bank made this known in a statement.
The bank also announced that it delivered adjusted pre-tax profit of CHF 1,5 billion, up 97% from the previous quarter.
Based on published data, the note reads, pre-tax profit stood at 1,4 billion francs. On the capital side, Common Equity Tier 1 (Cet1) increased by 40 basis points to 13,2%, thus exceeding the 13% target set for 2014. Furthermore, in the first quarter of 2014, UBS recorded net inflows into its asset management activities for CHF 12,8 billion.
The managing director Sergio Ermotti declared: “Having exceeded the target of 13% for the Cet1 capital ratio that we set ourselves two years ago represents an important milestone for the company and its stakeholders. I am pleased with the first quarter results, which demonstrate sustainable profitability across all of our divisions and the geographic locations where we operate. Our top priority remains the rigorous and disciplined execution of our strategy, for the benefit of our customers and shareholders."
UBS also announced plans to "make further changes to its legal structure to enhance its recovery and liquidation capacity as global regulatory requirements evolve, thereby also enhancing potential returns on capital."
