UBS reports first profit since taking over Credit Suisse

Tall order: A pedestrian passes a UBS Group branch in Zurich, Switzerland. The bank might in future have to back its foreign holdings with up to 100% equity, up from 60% at present. — Bloomberg

ZURICH: UBS reported net income of $1.8 billion for January-March, its first quarterly profit since it took over fallen rival Credit Suisse.

The net income attributable to shareholders for Switzerland's largest bank was better than a company-provided consensus estimate of $602 million and compares with a profit of $1 billion in the same period a year earlier.