Europe's biggest financial institution, UBS AG, reported a record first-quarter net income increase of 15% on the strength of its wealth management division, Bloomberg reports. The group's positive performance helped offset a 19% decrease in earnings in the company's investment banking unit.

The Swiss bank said first-quarter net-income rose to CH2.63 billion ($2.19 billion), or CH2.48 a share, from CH2.28 billion, or CH2.05, which easily exceeded analyst forecasts.

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