UBS, the world’s largest wealth manager, reported a 40% increase in first-quarter net profit on Tuesday (April 28). The bank refers to the increased commercial activity of its customers during the market turmoil caused by the coronavirus outbreak.

The Swiss bank, created in 1862 under the name Bank in Winterthur, has stimulated the activity of its wealthy customers during the turbulent first quarter, giving them more credit.

It reported a net profit of 1.559 billion USD, which met its expectations. Earlier, the financial institution said it expects net profit for the first quarter to reach about 1.5 billion USD amid strong operating results in all its business units, even after taking into account the risk of non-performing debt resulting from the spread of COVID-19.

“In the future, the spectrum of possible outcomes remains very broad and it is too early to make reliable estimates of the timing and form of possible economic recovery”, said the biggest Swiss creditor in a statement. “The continued correct implementation of our strategic plans will help mitigate this”, the bank added.

UBS recorded 268 million USD in impairment charges for the quarter, saying it was exposed predominantly to loans to clients in the Wealth Management Unit and those operating within Switzerland. The bank notes that its credit book is of “high quality”.

Its main rival, Credit Suisse, reported a sevenfold increase in provisions for expected credit losses on Thursday (April 23) as banks globally secured a projected increase in non-performing debt due to the pandemic.

UBS core wealth management business has reported a drop in assets invested by the bank to 2.339 trillion USD against the backdrop of the market valuations of the assets in question. Revenue is growing in all major UBS areas.