UPDATE: UBS Posts Higher Q1 Profit

Switzerland's bank UBS AG

reported a 7% rise in its first-quarter profit. UBS posted its quarterly net profit of 1.054 billion Swiss francs ($1.2 billion), versus a year-ago profit of 988 million francs. However, analysts were expecting a profit of 905 million francs. The wealth management division's pre-tax profit declined 7%, while pre-tax profit at the investment bank tumbled 56%. The company's press release offered the following comment from Group Chief Executive Officer Sergio P. Ermotti: “Surpassing the 13% CET1 ratio target we set two years ago is a major milestone for the firm and its stakeholders. I'm pleased with the first quarter as we demonstrated sustainable profitability across all business divisions and regions. Dedicated and disciplined execution of our strategy for the benefit of clients and shareholders remains our top priority.” UBS shares gained 1.10% to $21.07 in pre-market trading.