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. The bank also flagged plans for further share buybacks by the end of the year.

Reporting its first quarter earnings on Wednesday, the Zurich-headquartered firm said markets have remained "resilient" amid hopes of a lasting resolution to the ongoing Middle East conflict.

But acknowledging that risks remain "elevated" amid a rapidly-changing situation, the bank warned that second quarter net interest income across both its global wealth management and personal and corporate banking businesses is set to be "broadly flat".

Underlying profits before tax totaled $3.9 billion quarter, up 54% year-on-year and beating analyst expectations of $3.2 billion.