ZURICH: Swiss banking giant UBS on Friday beat earnings expectations in the second quarter, despite a 14-percent slide in net profits as economic uncertainty hit its activities.
Switzerland's largest bank posted net profits of 1.03 billion Swiss francs (953 million euros), $1.05 billion), beating the expectations of analysts polled by the Swiss AWP agency who had expected the lender to post a figure of around 730 million francs.
Net banking income fell 5 percent to 7.4 billion francs, also ahead of analyst forecasts which had centred on 7.0 billion.
"We achieved this strong result by helping our clients navigate continued difficult market conditions, while staying disciplined on risk and further reducing cost. UBS remains in a solid position with strong capital, strategic clarity and a well-diversified business model," chief executive Sergio P. Ermotti said in a statement.
Wealth management contributed a pre-tax 606 million francs to earnings, lifted by the Asia-Pacific region, the US and the bank's home Swiss market.
In May, the Swiss lender saw its share price plummet by nearly eight percent after jittery investors helped push its first quarter net profit down by nearly two thirds.
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