UBS has reported a return to profit in the first quarter of 2013.
The Swiss bank racked up big losses at the end of last year as a result of a major scandal, which saw it hit with massive fines by regulators for attempting to manipulate the Libor rate.
Net profits for January to March stood at 988 million Swiss francs ($1.05 billion). Though the figures are actually down by five per cent on the same period last year, it is still above what many analysts expected.
In the last quarter of 2012, it lost 1.9 billion Swiss francs and 2.2 billion Swiss francs for the year as a whole. That included the 1.4 billion Swiss franc fine related to the Libor scandal.
UBS chief executive Sergio Ermotti said: "While it is too early to declare victory, we have shown our business model works in practice."
By Tony Aynsley