UBS reports 9% rise in net profit in the second quarter, to 1.28 billion Swiss francs ($1.29 billion)

  • Swiss bank UBS announced a 9 percent rise in net profit in the second quarter, to 1.28 billion Swiss francs ($1.29 billion), up from a year ago, the bank said Tuesday.
  • Diluted earnings per share were 0.33 Swiss francs, the bank said in its earnings statement. Profit before tax was 1.68 billion Swiss francs, up 12 percent from a year ago.

Swiss bank UBS announced a 9 percent rise in net profit in the second quarter, to 1.28 billion Swiss francs ($1.29 billion), up from a year ago, the bank said Tuesday.

Diluted earnings per share were 0.33 Swiss francs, the bank said in its earnings statement. Profit before tax was 1.68 billion Swiss francs, up 12 percent year on year.

The bank said that pre-tax profit in its Global Wealth Management unit rose 18 percent from a year ago, UBS’ Investment Bank division saw a 26 percent rise.

The banking group’s CEO Sergio Ermotti said he was pleased with the second quarter, “which combined a strong first half, with particularly good capital generation. We’ll keep our focus on growth and efficiency, and continue to build on the strengths of our global franchise,” he said in the statement.

Back in April, the Swiss bank had cautioned investors that the second quarter could prove difficult. At the time, UBS said that higher funding costs related to long-term debt and regulatory operations could hurt second-quarter results.

UBS Group CEO Sergio Ermotti also warned then that geopolitical tensions and the rise of protectionism posed threats to investor confidence, which could ultimately dent the bank’s performance.

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