Swiss investment bank UBS was back in profit in the first quarter of 2013, netting profits of 988 million Swiss francs (£678 million.)
Despite being down from the same period last year, these profits exceeded expectations, after being hit by the Libor scandal and subsequent serious restructuring of the bank.
In response to the news, UBS have stated: ‘while it is too early to declare victory, we have shown our business model works in practice’.
Read UBS’ full statement with a profit breakdown of its separate banking areas. Find out more about UBS and other financial institutions in our Banking Employer Directory.