UBS posts 40% first-quarter net profit rise as transaction levels jump

ZURICH (Reuters) - The world's largest wealth manager, UBS , reported a 40% increase in first-quarter net profit on Tuesday, as clients upped trading activity during market turmoil sparked by the coronavirus outbreak and as it extended more loans to its wealthy clients.The bank had previously said it expected to report first-quarter net profit of around $1.5 billion, with strong operating performance across all its business divisions, even after accounting for the risk of higher defaults as a..