UBS AG Tuesday said it swung to a first-quarter net profit, helped by strong results from its investment bank which returned to health after suffering more than $50 billion in write-downs during the financial crisis.

The Zurich-based bank said net profit for the three months to March 31 was 2.20 billion Swiss francs ($2.04 billion), compared with a CHF1.98 billion year-ago net loss. The result, which includes a tax charge of CHF603 million, topped analyst estimates, which averaged CHF1.98 billion.