ZURICH (Reuters – UBS reported a 17% increase in its first quarter net profit Tuesday. This exceeded expectations for a decline in profits amid uncertainties surrounding the conflict in Ukraine. Strong trading helped to overcome these fears. The average expectation of $1.79 million was exceeded by net profit of $2.136billion for March, according to a survey of 21 analysts conducted by Swiss bank.

UBS was one of two European major banks that reported results along with HSBC. Its earnings were a stark contrast to U.S. peer’s profit drops this month. Ralph Hamers, chief executive, said that UBS remained “focused on execution of our strategy, providing stability to our clients, and managing risk” in a statement. Our strong performance today speaks to our capability to achieve our goals regardless of any background.