UBS CEO Sergio Ermotti told CNBC that the company's radical restructuring is working, after the company swung back to profit in the first quarter.
"Overall, the strategy is working and we are starting to see the benefits," Ermotti told CNBC on Tuesday.
UBS easily beat expectations by reporting a first-quarter net profit of 988 million Swiss francs versus forecasts of 510 million Swiss francs, swinging back to a profit after a 1.9 billion Swiss francs loss in the fourth-quarter after heavy Libor-related charges and restructuring costs.
Revenues increased to 8 billion Swiss francs from 6.6 billion Swiss francs from a year ago, driven by a favorable market environment which led to higher client activity in its flagship wealth management unit and strong revenues in the investment bank.
Additionally, restructuring costs and own debt charges were lower than analysts had forecast.
Asked whether he regrets exiting some units in the investment bank, CEO Sergio Ermotti said: Not really. If you look at our biz model it's good for us. We are two-third less capital year on year. We have very good return on attributed equity. So there is no regret we do what is right for our shareholders."
"We are comfortable with the changes we have made and how the business is being executed," he added.