Swiss banking giant UBS has said its net profit fell 18% from a year earlier to 1.8 billion francs (€1.4 billion) in the first quarter, hurt by a tax charge and higher staff costs.
Nevertheless, the result was slightly better than the 1.7 billion francs forecast by analysts for the period.
The group also recorded net new money of 22.3 billion francs in the first quarter, marking a recovery from a year ago when a net 18 billion francs in funds flowed out of the bank.
Group chief executive Oswald Gruebel said: 'I am satisfied with our result considering market activity during the first quarter, and I am particularly pleased by the increase in net new money, confirming the return of client trust and confidence.'
UBS said it expected improvement in parts of its investment banking business for the coming quarter, but that competition for talent and salary increases would put pressure on its costs.
