April 30 (Bloomberg) -- UBS AG said its foreign-exchange revenue more than doubled in the first quarter as higher volatility in major currencies boosted demand for options and electronic trading.
Earnings from foreign exchange, rates and credit climbed to 619 million Swiss francs ($661 million) from 304 million francs in the previous three months, the company said today in a statement. Switzerland’s biggest bank also benefited from the dollar strengthening against the franc, seeing a foreign-currency translation gain of 528 million francs after tax, compared with a 544 million-franc loss in the prior quarter.
The U.S. currency rose 3.7 percent to 94.92 Swiss centimes during the three months. JPMorgan’s Global FX Volatility Index, a measure of currency fluctuations, climbed 11 percent to 8.93 percent at the end of March from 8.07 percent on Dec. 31.
Exchange rates boosted the level of invested assets at UBS’s wealth management division by 10 billion francs, contributing to a 49 billion increase in assets to 870 billion francs, the company said.
To contact the reporter on this story: Lucy Meakin in London at firstname.lastname@example.org.
To contact the editor responsible for this story: Paul Dobson at email@example.com