UBS profits rocket 80% to $3 billion for first quarter beat

ubs posted a net profit of $3 billion for the first quarter, up 80% from a year ago and beating the $2.8 billion analysts expected. underlying profit before tax hit $3.9 billion, also ahead of the $3.2 billion consensus. the bank's cet1 capital ratio rose to 14.7% from 14.4% last quarter. ubs bought back $900 million in shares during the period and says it's on track to repurchase $3 billion total before its next earnings report, with more buybacks planned by year-end. global wealth management brought in $37 billion in net new assets, a 3.1% annualized increase. asset management added $14 billion, up 2.7% year-on-year. but ubs warned second-quarter net interest income across wealth management and personal & corporate banking will be "broadly flat." the bank called markets "resilient" amid hopes for a resolution to the middle east conflict, while noting risks remain "elevated."