UBS back in profit after Credit Suisse takeover losses

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UBS back in profit after Credit Suisse takeover losses

ZURICH — Swiss banking giant UBS on Tuesday said first quarter net profit rose 71 per cent to nearly $1.8 billion, far exceeding expectations, after two quarters in the red due to the mammoth takeover of Credit Suisse. Switzerland's biggest bank said its turnover increased by 46 per cent to $12.7 billion, largely thanks to its investment banking arm, which had been the key project in the mega-merger. Investment banking revenues increased by 16 p…