UBS: second-quarter profit up as equities business surges
(CercleFinance.com) - Swiss banking giant UBS reported higher second-quarter profits on Tuesday as its wealth management and investment banking units boomed.
The Zurich-based group said net profit attributable to shareholders rose to 1.284 billion Swiss francs in the past quarter, up from 1.174 billion Swiss francs a year earlier.
UBS said profit before tax from wealth management jumped by 18% to 1.037 billion Swiss francs, driven by growth in the Americas and the ultra-high net worth segment.
Net new money reached 17.7 billion Swiss francs for the first six months of the year.
UBS said profit before tax in the second quarter in investment banking was up 26 per cent at 569 million francs with equities business surging 17 per cent and foreign exchange, rates and credit (FRC) up 72%.
Looking ahead, the bank said global economic growth prospects continue to provide a supportive backdrop to markets, despite geopolitical tensions and rising protectionism.
Shares were trading 2.7 per cent higher to 15.7 francs, to be the biggest gainer in Zurich's SMI index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Zurich-based group said net profit attributable to shareholders rose to 1.284 billion Swiss francs in the past quarter, up from 1.174 billion Swiss francs a year earlier.
UBS said profit before tax from wealth management jumped by 18% to 1.037 billion Swiss francs, driven by growth in the Americas and the ultra-high net worth segment.
Net new money reached 17.7 billion Swiss francs for the first six months of the year.
UBS said profit before tax in the second quarter in investment banking was up 26 per cent at 569 million francs with equities business surging 17 per cent and foreign exchange, rates and credit (FRC) up 72%.
Looking ahead, the bank said global economic growth prospects continue to provide a supportive backdrop to markets, despite geopolitical tensions and rising protectionism.
Shares were trading 2.7 per cent higher to 15.7 francs, to be the biggest gainer in Zurich's SMI index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.