Swiss bank UBS (UBSN: VX) managed a robust return to profitability during the first quarter with a net profit of SFr988m (£683m). That's in sharp contrast to the bank's painful SFr1.9bn net loss at the end of 2012's fourth quarter - following hefty Libor-rigging fines.
Despite a major restructuring effort at UBS's investment banking arm - it's shedding 10,000 jobs in a retreat from its fixed-income operations - divisional operating profit improved to SFr928m from SFr552m a year earlier. Credit quality remains robust and impaired loans represent just 0.4 per cent of the group loan book. UBS is still one of the best capitalised lenders in its global peer group, too, and its tier one capital ratio - even when calculated under new Basel III rules - reached a healthy 15.3 per cent.
