UBS posted a 27% year-over-year decline in net income in the first quarter, with the Swiss bank pointing to challenging market conditions.
The group's chief executive officer told CNBC on Thursday it was a "very challenging quarter" but "satisfied" with the resilience of the results.
The Bank's Asset Management Department and its Investment Banking Division saw significantly less operating income. The first achieved operating income of $ 873 million compared to $ 1.1 billion a year earlier.
In Investment Banking, operating income decreased from $ 619 million a year ago to $ 221 million. UBS said it was due to the challenging trading environment, especially in Europe and Asia.