ZURICH, May 7, 2024 (BSS/AFP) - Swiss banking giant UBS revealed a first quarter net profit of nearly $1.8 billion on Tuesday, up 71 percent year-on-year, returning to profit after two quarters in the red due to the takeover of Credit Suisse.

Its turnover increased by 46 percent to $12.7 billion, the bank said in a statement, with the income of its investment bank -- the largest project in the integration of rivals Credit Suisse -- increasing by 16 percent, driven by a more favourable climate on the markets and by the good performance of IPOs and mergers and acquisitions.