$UBS Posts a Better Than Expected Profit

“ZURICH—UBS AG UBSN.VX +7.00% posted a better-than-expected first-quarter profit Tuesday as Switzerland’s biggest bank pushes through an extended restructuring program in the wake of the financial crisis.

The Zurich-based bank still recorded a fall in net profit, to 988 million Swiss francs ($1.05 billion) from 1.04 billion francs a year earlier, though analysts had expected the figure to come in at 496 million francs. The result compares with a loss of 1.89 billion francs in the fourth quarter of 2012, when UBS agreed to pay $1.5 billion to various authorities to settle investigations into the bank’s role in rigging key interest rates….”

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