UBS attracted $28bn of new money in the first three months of the year as the Swiss bank benefited from clients switching their accounts from rival Credit Suisse.
UBS, which agreed to rescue Credit Suisse last month, reported $1bn of net profit for the first quarter on Tuesday morning.
It followed Credit Suisse reporting $69bn of outflows in the first three months of the year on Monday.
“Our solid underlying performance and strong inflows this quarter demonstrate that we continue to be a source of stability for our clients during periods of significant uncertainty,” said recently returned UBS chief executive Sergio Ermotti.
This is a developing story.
