UBS's efforts to drastically slim down its asset base last year gave it the flexibility to increase risk-weighted assets at its investment bank during the first quarter and take advantage of what group chief executive Sergio Ermotti called “stronger client activity”.

At the investment bank, pre-tax profits climbed 92% from Sfr509m ($543.7m) in the first three months of 2012 to Sfr977m in the first quarter this year. Revenues rose at both its corporate client solutions unit, which houses the bank's capital markets, advisory, financing and origination businesses, and its investor client services unit, which encompasses its execution, distribution and trading businesses.