UBS bank posts 53% rise in net profit

  • UBS has posted a 53% jump in its second quarter net profits compared to the same period last year. The Swiss bank said the adjusted quarterly profit before tax was $1.7 billion. Chief executive Sergio Ermotti said UBS had “maintained its momentum” despite market challenges.

    However, the bank said in its outlook that third quarter profits and revenues were likely to be affected by seasonal impacts. Credit Suisse, another major Swiss bank, had announced net profits of 1.1 billion francs for its second quarter, last week.

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