ZURICH - Swiss banking giant UBS reported better-than-expected net profit for the first quarter, which rose by 17 percent to $2.1-billion, buoyed by an upturn in its investment banking division.
Both figures beat expectations of analysts surveyed by Swiss agency AWP, which had pencilled in an average of $1.6-billion in net profit, on operating income of $8.8-billion. But he added in the statement that the bank had"remained focused on executing our strategy, providing stability for our clients and managing risk".
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