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UBS first-quarter net profit well above forecasts


Swiss bank UBS

Swiss bank UBS

PA Archive/Press Association Images

Swiss bank UBS

UBS on Tuesday posted an 88 percent year-on-year rise in first-quarter net profit, well above analysts' forecasts.

Switzerland's biggest bank said net profit for the first three months stood at 1.977 billion Swiss francs ($2.11 billion), exceeding the 1.1 billion francs analysts had forecast in a Reuters poll.

"I'm pleased with the strong quarter," the Swiss bank's Chief Executive Sergio Ermotti said in a statement. "We stayed close to our clients, we stayed disciplined on risk and we delivered across all businesses and regions."

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