UBS Group (UBS) reported Q1 earnings Wednesday of $0.51 per diluted share, down from $0.52 a year earlier.

Analysts polled by FactSet expected $0.53.

Total revenue for the quarter ended March 31 was $12.56 billion, compared with $12.74 billion a year earlier.

Comparable analyst estimates weren't available.

"The prospect of higher tariffs on global trade presents a material risk to global growth and inflation, clouding the interest rate outlook," the bank said. "Despite this uncertain environment we are confident in our ability to deliver on our financial targets, leveraging the power of our diversified business model."

Shares of the company fell nearly 2% in premarket activity.