Swiss lender UBS saw its profits soar over 50 percent in the second quarter, after the bank reported earnings a day early following leaked figures which were reported by local Swiss media over the weekend.
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On Sunday, the Swiss newspaper Sonntagszeitung said UBS would post a year-on-year increase of about 25pc in quarterly net profit.
The above-consensus earnings come just a few days after rival Credit Suisse announced a strategic overhaul that helped its shares surge more than 6pc.
Wealth management Americas profit before tax was down 9.5 percent to 191 million francs, missing an estimate of 243 million francs.
Retail & Corporate’s profit before tax grew 12 percent, and Global Asset Management’s profit climbed 24 percent, while that of Investment Bank fell 2 percent.
Operating income rose to 7.82 billion francs from 7.15 billion francs, UBS said.
In its outlook, the bank cautioned that seasonal impacts were likely to affect revenues and profits in the third quarter, pointing to “underlying macroeconomic challenges and geopolitical issues unlikely to be resolved in the foreseeable future”.
Net new money at the division was 1.8 billion francs, after 14.4 billion in the first quarter.
UBS chief executive Sergio Ermotti said he was “pleased with the quarter”.
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Further, UBS said it will establish a Group service company as a subsidiary of UBS Group AG in the third quarter, into which shared services and support functions will be transferred over the next several years.
