Swiss bank UBS posts first-quarter profit gain

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GENEVA (AP) — Switzerland's biggest bank, UBS AG, says its profit rose by 7 percent in the first quarter, citing sustainable profitability in all its divisions.

The bank, based in Zurich, posted a first-quarter net profit Tuesday of 1.054 billion francs ($1.2 billion), compared with 988 million francs in the same period 2013.

The result was roughly in line with the 1.035 billion francs net profit in the first quarter of 2012, marking a turnaround with streamlined operations in the wake of a series of lawsuits, scandals and a wave of restructuring.

Chief Executive Sergio Ermotti said in a statement that the bank "demonstrated sustainable profitability across all business divisions and regions."

He said the bank's capital cushion rose to 13.2 percent, in "a major milestone" that surpasses the 2014 target.

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