UBS has exceeded “low expectations” and showed signs of delivering on last year’s restructuring with a large quarter-on-quarter jump in underlying profits at its troubled investment bank and a boost to inflows in its wealth management unit.

While the investment bank this morning reported a statutory pre-tax loss of Sfr373m (€310m) in the first three months this year, the firm's underlying performance impressed - aiding a more than 5% jump in the group's share price.