UBS says profits surged 79 percent in first quarter

Swiss banking giant UBS Friday reported net profits leapt 79 percent to 1.3 billion Swiss francs

Swiss banking giant UBS Friday reported net profits leapt 79 percent to 1.3 billion Swiss francs (1.1 billion euros) in the first quarter.

The performance was better than expectations by analysts interviewed by the Swiss agency AWP, who forecast profits of around 916 million Swiss francs.