UBS reported net profits of $1.7bn in the first quarter, beating analysts’ expectations after volatile financial markets helped drive earnings at Switzerland’s biggest bank. The bank’s net profit was down from $1.8bn a year earlier but ahead of analyst forecasts of $1.3bn. Reported quarterly revenues were flat at $12.6bn.

Some European banks have invested heavily in trading to compete better with Wall Street rivals. Those efforts are paying off. Barclays’s traders had a blowout first quarter, as market volatility began to stir ahead of President Trump’s April 2 “Liberation Day” tariffs.

Barclays Plc’s traders cashed in on the recent market turbulence, helping the bank beat earnings estimates as it upgraded some of its guidance for the year.