UBS Group AG posted a sharp rise in first-quarter net profit as clients traded more in volatile markets and credit losses were relatively contained despite economic disruption from the coronavirus crisis.

Net profit was $1.6bn, up from last year’s $1.14bn in the first quarter of 2019. The bank had said earlier this month that it expected to make around $1.5bn. Credit losses in the first quarter were $268m, a more than 10-fold jump on first-quarter 2019’s $20m.