UBS saw a 7% rise in profit before tax, from CHF 988 million, in the same period last year, to CHF 1.05 billion in the first quarter of 2014.

These results are especially surprising when considering that many analysts predicted a fall from UBS this quarter.

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Moreover, UBS’ wealth management division delivered net new money of CHF 10.9 billion, with Asia Pacific and emerging markets as the main contributors. Operating profit before tax totalled at CHF 619 million, 31% higher than the CHF 471 million earned in the previous quarter.

Sergio P. Ermotti, group chief executive, said: "I’m 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."

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