UBS generated a net profit attributable to shareholders of $3 billion for the first quarter, up 80% year-on-year and surpassing the $2.8 billion estimated by analysts, according to an LSEG-compiled consensus poll.

The Swiss banking and asset management giant's common equity tier (CET) 1 capital ratio — a gauge of a bank's solvency — also increased, reaching 14.7% during the period, up from 14.4% the previous quarter.

UBS said it remains on track to buy back $3 billion in shares ahead of its next earnings report for the second quarter, having repurchased $900 million of shares during the three-month period .…