UBS says second-quarter net profit up 17% to $2.8 billion

ZURICH: Swiss banking giant UBS reported Wednesday that net profit rose 17 percent to $2.8 billion in the second quarter, driven by its investment banking arm.

UBS beats profit expectations on market volatility

“Strong results in the second quarter and healthy capital generation have further fortified our balance sheet for all seasons and allow us to continue deploying financial resources towards profitable growth opportunities to support clients and deliver on our capital return ambitions,” UBS CEO Sergio Ermotti said in a statement.