ZURICH, Aug 14 Reuters UBS on Wednesday reported a net profit of 1.14 billion for the AprilJune period, comfortably surpassing analysts39; forecasts as Switzerland39;s largest bank enters a new stage in the integration of its onetime rival Credit Suisse.

The net profit attributable to shareholders compared with the 528 million forecast by analysts in a companyprovided poll for what were the bank39;s first results since UBS completed its formal legal merger with Credit Suisse in May.

Shares in UBS were expected to rise at opening, according to premarket indications by bank Julius Baer.

UBS acquired its longtime competitor last year in a rescue that was engineered by Swiss authorities when Credit Suisse collapsed after a string of financial setbacks and scandals.

In a statement, UBS CEO Sergio Ermotti said that the firsthalf results reflected the significant progress the bank had made since closing the Credit Suisse acquisition.

We are well positioned to meet our financial targets and return to the levels of profitability we delivered before being asked to step in and stabilise Credit Suisse, he added.

We are now entering the next phase of our integration, which will be critical to realise further substantial cost, capital, funding and tax benefits.

Revenues and operating expenses outperformed consensus expectations, and Deutsche Bank analysts said in a research note that the upside result was driven by UBS39;s investment bank and its noncore and legacy division….