UBS AG Tuesday reported its first net profit in five quarters, but hemorrhaged withdrawals from its wealthy clients, showing that the Swiss bank has yet to regain trust it lost during the financial crisis and from a bruising battle with U.S. tax authorities.

UBS, based in Zurich, said it swung to a net profit of 1.21 billion Swiss francs ($1.13 billion) in the quarter ended Dec. 31, from a CHF9.56 billion net loss a year earlier, above the CHF426 million expected on average by analysts polled by Dow Jones Newswires.