OR UBS announced today Wednesday net profits height 1.14 billion dollars for the April-June period, comfortably beating analysts’ forecasts as Switzerland’s biggest bank enters a new stage in its integration with its former rival Credit Suisse.

The net profit attributable to shareholders was almost double the $528 million analysts had forecast in a poll provided by the company for the bank’s first results since UBS completed its formal legal merger with Credit Suisse in May.

The bank’s stock rose by 1.8% after the announcement of the results.

UBS acquired its longtime rival last year in a rescue engineered by Swiss authorities after Credit Suisse collapsed after a series of financial failures and scandals.

“The progress we are making after the acquisition of Credit Suisse is significant,” says the bank’s CEO

In a statement, the CEO of UBS, Sergio Ermottisays the first-half results reflect the “significant progress” the bank has made since the closing of the Credit Suisse acquisition.

“We are well positioned to meet our financial targets and return to the profitability levels we delivered before we were asked to step in and stabilize Credit Suisse,” he added.

“We are now entering the next phase of our merger, which will be critical to achieving further improvements in cost, capital, financing and tax benefits.”

Revenue and operating expenses beat expectations, and Deutsche Bank analysts said in a note that the positive result came from UBS’s investment bank.

UBS also reported that it has achieved additional gross cost savings of $0.9 billion, reaching approximately 45% of its cumulative annual gross cost savings ambitions.

Analysts are closely watching Credit Suisse’s takeover by UBS, and Ermotti said in May that any delay in the technology integration of the two banks could erode planned cost savings.

Markets are also watching how Swiss authorities move forward with plans to tighten banking regulation as they seek to ensure there is no repeat of the Credit Suisse collapse.

The Swiss government presented a series of so-called “too big to fail” proposals in April, outlining how UBS would need to hold extra capital to prevent future mishaps.

Although the Swiss finance minister has suggested the amount be between $15 billion and $25 billion, it remains unclear exactly how much it will be, and UBS has flagged “serious” concern over increased capital requirements.