UBS profit grew 17% to $2.1B in Jan-Mar

ZURICH, Switzerland: UBS reported on Tuesday a better-than-expected net income in the first quarter, which rose by 17 percent to $2.1 billion (1.9 billion euros), buoyed by an upturn in its investment banking division.

Its operating income — the equivalent of revenue — jumped 8 percent year on year to more than $9.3 billion, Switzerland's biggest bank said in a statement.