UBS on Wednesday posted better than expected first-quarter net profit, but the Swiss bank warned of an uncertain outlook as U.S. tariffs raise global growth fears even as the market tumult drove up earnings in its trading activity.

Earnings fell, but still beat analysts’ estimates—due to a boost from trading desks—as the Swiss banking giant joined global peers in cashing in on market volatility.

UBS Group AG’s markets unit posted a record performance as geopolitical turmoil spurs volatility that the bank says is set to continue.