Swiss bank UBS posts $1b profit
Switzerland's biggest bank, UBS, has posted a $US1 billion ($971 million) net profit in the first quarter, lifted by strong showings from its investment bank and management for wealthy clients.
The results posted on Tuesday by the bank, based in Zurich, were down 4.5 per cent from the comparable period a year ago. Still, it was a major turnaround from the $US2 billion loss the bank posted for the fourth quarter of 2012 in the wake of a series of lawsuits, scandals and a wave of restructuring.
"While it is too early to declare victory, we have shown our business model works in practice," UBS chief executive Sergio Ermotti said. "Although markets improved, we still saw challenges, so I am very pleased with our performance."
Mr Ermotti said the bank's capital cushion as demanded by global and Swiss regulations rose to 10 per cent "and our leading capital cushion continues to be a competitive advantage for the bank".
In the first quarter, the investment bank saw a profit of 977 million francs (about $A1 billion) before taxes and the wealth management arm posted a profit of 664 million francs before taxes.