Swiss bank UBS sees profits rise, is confident on economy

Swiss bank UBS says its net profit rose 19 percent in the first quarter, saying "momentum is good" amid sharp upswings in wealth management and investment banking profits.

The Zurich-based bank said net income rose to 1.51 billion Swiss francs ($1.55 billion) in the first quarter, from 1.27 billion francs a year earlier and following a 2.34-billion-franc loss in the fourth quarter.

UBS said it remains confident about global growth prospects that could underpin markets, "even though geopolitical tensions and the rise of protectionism remain a threat to investor confidence."

The bank said its wealth management unit had record adjusted pre-tax profit in the Americas and Asia-Pacific. Asset management took in 27 billion francs in new money, reaching a decade-high of invested assets of 792 billion francs.