Swiss banking giant UBS has reported broad recovery across its businesses, with net profits reaching 2.2 billion francs (€1.54 billion) for the first quarter.
The earnings beat analysts forecasts of 2.0 billion francs, and marked an 83% jump from the previous quarter.
The group recorded pre-tax profits across all business groups, including investment banking. Investment banking had run up big losses during the financial crisis, but has now recorded 1.19 billion francs in in pre-tax profits for the first three months of the year.
The bank said its investment banking business had benefited from a 'strong performance' in its fixed income, currencies and commodities business.
It added in its outlook statement that in the current quarter, the securities trading market is expected to be 'generally in line with the first quarter, although concerns relating to European sovereign debt provide a basis for some market uncertainty'.
The bank's chief financial officer noted that the group has 'hardly any exposure whatsoever to Greece'.
The group discloses its major exposure to foreign jurisdiction in its annual report, and neither Greece, Spain or Portugal appears in the report.
Meanwhile, the bank was still unable to stem an outflow during the first quarter, with the net new money outflow reaching 18 billion francs for the period as clients took their assets elsewhere.
However, it was a sharp improvement from a quarter ago, when net outflows reached 56.2 billion francs.
Hurt by losses reaching some 21.29 billion francs in 2008, as well as tax evasion lawsuits in the US, the bank has been struggling to repair its image over the past year.
