UBS: wealth management shines; but 'challenges' ahead.
(CercleFinance.com) - UBS on Friday said it delivered strong second quarter results with net profit up 14% thanks to a surge in global wealth management activity.
Net profit attributable to shareholders was 1,174 million Swiss francs in the quarter ended-June, from 1,034 million Swiss francs in the same period of 2016.
Adjusted profit before tax at Switzerland's biggest bank amounted to 1,675 million Swiss francs compared with 1,672 million Swiss francs one year ago.
Global wealth management adjusted profit before tax reached 1,013 million dollars, up 15% year-on-year, on US dollar interest rate rises, and higher invested asset levels.
UBS' wealth management unit in America alone saw adjusted profit jump 25% in the past quarter.
Despite this, UBS warned that the persistence of low volatility levels and seasonality factors may continue to affect overall client activity, while saying that the group was "well positioned to mitigate these challenges".
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Net profit attributable to shareholders was 1,174 million Swiss francs in the quarter ended-June, from 1,034 million Swiss francs in the same period of 2016.
Adjusted profit before tax at Switzerland's biggest bank amounted to 1,675 million Swiss francs compared with 1,672 million Swiss francs one year ago.
Global wealth management adjusted profit before tax reached 1,013 million dollars, up 15% year-on-year, on US dollar interest rate rises, and higher invested asset levels.
UBS' wealth management unit in America alone saw adjusted profit jump 25% in the past quarter.
Despite this, UBS warned that the persistence of low volatility levels and seasonality factors may continue to affect overall client activity, while saying that the group was "well positioned to mitigate these challenges".
Copyright (c) 2017 CercleFinance.com. All rights reserved.