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$UBS,...UBS beats forecasts, profit nearly doubles

With heavy gains from its wealth management business, UBS reported first-quarter profit that nearly doubled from the same period last year, despite the SNB's shock decision to unpeg its currency from the euro.

Net profit came in at 1.98B Swiss francs ($2.12B), up from 1.05B francs from the year-ago period, beating analysts' forecasts.

The bank's adjusted return on tangible equity stood at 14.4% during the quarter.