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News Summary: UBS posts $1B profit for 1Q

The Associated Press

FILE - The March 19, 2012 file photo shows the logo of Swiss bank UBS in Zurich, Switzerland. A first-quarter net profit of US$ 1 billion thanks to strong investment banking and wealth management sent shares in Swiss bank UBS AG up 5 percent Tuesday morning, April 30, 2013, on the Swiss stock exchange. The result posted by Switzerland's biggest bank, headquartered in Zurich and Basel, Switzerland, caused shares to jump to 16.5 francs soon after trading began. (AP Photo/Keystone, Steffen Schmidt)

TURNAROUND: Switzerland's largest bank, UBS AG, reported a profit of $1 billion for the first quarter thanks to strong investment banking and wealth management results. Its shares rose almost 6 percent Tuesday on the Swiss stock exchange.

TROUBLED RIDE: The net profit was down 4.5 percent from the first quarter a year ago, but was a significant recovery from the $2 billion loss the bank posted for the fourth quarter of 2012 in the wake of a series of major lawsuits, scandals and a wave of restructuring.

THE BOSS: Chief Executive Sergio Ermotti said that while it is "too early to declare victory, we have shown our business model works in practice."