UBS, a major Swiss bank, posted a 71% increase in its first quarter net profits, bringing its gains up from last year’s $1.03 billion to $1.76 billion. Earnings per share were $0.52, up from prior year’s $0.32. Operating profit before tax was $2.38 billion, compared to $1.50 billion a year ago. Underlying profit before tax was $2.62 billion, compared to $1.57 billion last year. Total reported revenues reached $12.74 billion, 46% higher than $8.74 billion in the prior year. Group underlying revenues were $12.0 billion. The company said it aims to achieve around $1.5 billion in gross cost saving…