Underlying total revenues were $6,253 billion in GWM, rising by 6 per cent. Operating costs rose by $13 million to $5.057 billion, mainly driven by an increase in financial advisor compensation because of higher compensable revenues, almost entirely offset by lower technology costs, risk management costs and real estate costs. 

There was also an offsetting impact from a $49 million decline in integration-related expenses

Excluding $355 million of integration-related expenses and purchase price allocation effects, underlying operating expenses were $4,702 billion, up 1 per cent. The cost/income ratio was 78.8 per cent, and 75.2 per cent on an underlying basis in GWM. 

The Zurich-listed bank said that invested assets increased – standing at $4.218 trillion at the end of March – with net new assets of $32 billion.

Group results
Across all UBS divisions, underlying pre-tax profit was $2.586 billion, down a touch from $2.617 billion a year before; the cost/income ratio was 82.2 per cent, or 77.4 per cent on an underlying basis. Net profit attributable to shareholders was $1.692 billion. 

“The power and scale of our diversified global franchise, coupled with our continued focus on clients, drove strong business momentum in the quarter and net new inflows in our asset-gathering businesses,” Sergio Ermotti, group CEO, said in a statement. 

The Common Equity Tier 1 ratio – a standard international yardstick of a bank’s capital shock absorber – was 14.3 per cent; underlying return on CET1 capital was 11.3 per cent.