Net profit of UBS Group AG in January-March increased by 19% and reached $2.14 bln. Analysts expected the figure to amount to $1.79 bln, as reported in the bank’s press release.

The bank’s operating profit increased by 8% to $9.36 billion, operating expenses increased by 4% to $6.63 billion. Thus, the ratio of expenses to income amounted to 70.7% (target level – 70-73%).

Return on Tier 1 capital (CET1) was 14.3% with a target in the neighborhood of 13%.

The wealth management division’s pretax profit declined 7% year-over-year to $1.31 billion. The retail and corporate banking business posted a 10% increase in profit to $395 million. In asset management, profits fell 23% to $174 million, but investment banking profits soared 126% to $929 million.

Since the beginning of the year, the bank has bought back $1.7 billion worth of its own shares, and the total buyback is expected to reach $5 billion by the end of 2022.

UBS’s market capitalization has increased by 15% to CHF54.6bn ($57bn) over the past 12 months.