FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann

ZURICH (Reuters) – The world’s largest wealth manager, UBS (UBSG.S), reported a 40% increase in first-quarter net profit on Tuesday, as clients upped trading activity during market turmoil sparked by the coronavirus outbreak and as it extended more loans to its wealthy clients.

The bank had previously said it expected to report first-quarter net profit of around $1.5 billion, with strong operating performance across all its business divisions, even after accounting for the risk of higher defaults as a result of the virus. It reported net profit of $1.595 billion on Tuesday.

“Looking ahead, the range of possible outcomes remains very wide, and it is too early to make reliable predictions about the timing and shape of any potential economic recovery,” Switzerland’s largest lender said in a statement. “The continued disciplined execution of our strategic plans will help to mitigate this.”

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields


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