UBS Q1 Net Profit $3.04B Beats Estimates

UBS reported Q1 net profit of $3.04 billion, surpassing analyst forecasts and market consensus.
Investment banking and wealth management drove earnings, with wealth management pre‑tax profit up ~10% and $37 billion net new assets.
UBS delivered $11.5 billion cost cuts, targeting $13.5 billion total savings, and its CET1 ratio rose to 14.7%.
Shares jumped over 4% as the bank aims to complete $3 billion buybacks by Q2, potentially reaching $6 billion.