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UBS grew first quarter profits by 42 percent year-on-year and recovered convincingly from client outflows at the end of last year.

Switzerland’s biggest bank posted adjusted pretax profits of SFr1.9bn versus the SFr1.534bn analysts expected and SFr1.366bn a year earlier.

Net new money rebounded to SFr20.5bn between UBS’s international private bank and its US wealth management business. Analysts had expected just S15.2bn. That performance is a big turnaround from the fourth quarter when the divisions suffered collected outflows of SFr5.4bn, as clients in emerging markets pulled their cash to avoid tax penalties.

At UBS’s investment bank, pretax profits rose 51 percent to SFr558m on an adjusted basis. Litigation charges across the group came in at just SFr33m, against the SFr159m analysts expected.

“Our very strong results in the first quarter highlight the power and potential of our franchise,” said group chief executive Sergio Ermotti. “We will continue to manage our business with discipline, focusing on sustainable performance and long-term growth.”

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