UBS Q1 Profit Beats, Shares Rise 4%

UBS reported Q1 net profit of $3.04 billion, surpassing analyst forecasts and market consensus.
Wealth management pre‑tax profit beat by ~10% driven by $37 billion net new asset inflows, exceeding $28 billion forecast.
UBS delivered $11.5 billion cost cuts to date, targeting $13.5 billion total savings and a CET1 ratio of 14.7%.
The bank aims to complete $3 billion share buybacks by Q2, with potential total buybacks of $6 billion this year.