UBS sees first profit since Credit Suisse takeover

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STORY: UBS scored its first profit since its takeover of Credit Suisse last June.

Net profit for the January to March quarter came in at $1.8 billion - almost triple analyst forecasts.

Analysts said the result were mainly driven by parts of the business inherited from Credit Suisse but which UBS wants to exit, as well as by cost cutting.

The banking giant said all operating divisions reported solid results.

UBS also said it achieved a further $1 billion in gross cost savings in the first quarter.

The results come just under a year since the merger of UBS with one-time rival Credit Suisse.

The move was pushed by Swiss authorities who feared the scandal-hit Credit Suisse was on the verge of collapse.

It was followed by two quarters of losses for UBS as it absorbed its rival.

Despite that, investors have been upbeat about UBS's prospects given the low acquisition costs and its huge increase in assets.

Shares in the bank have climbed some 40% over the past year.

Investors were also happy with Tuesday's update and UBS stock shot up more than 8%.