Exercise bank tool after the lender described income aday beginning subsequent published figures that have been reported by community Switzerland media on the weekend its profits soar over 50 percent while in the second-quarter in comparison with this past year.
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But that drop in head count helped push its average…
Despite a slight decrease in the lender’s assets compared to the same period in 2014, second quarter profits in its wealth management division were at its highest since 2009.
The bank’s results showed net profit rose 53 percent on the year to 1.2 billion Swiss francs ($1.25 billion), much more than the 3.2 percent rise forecast in a Reuters poll of analysts.
CEO Sergio Ermotti said he was pleased with the quarter and that UBS “maintained our momentum despite ongoing market challenges”.
The earning’s highlight was the bank’s capital position, to which UBS has tied its dividend payout, analysts said.
Net profit attributable to UBS Group AG shareholders was quoted as 1.2bn CHF, up 53% from 2014.
Shares in UBS, Switzerland’s biggest bank, were down 1.6 percent at 0720 GMT, slightly less than the 1.8 fall in the broader European banking index.
Its two main businesses did well, and capital buffers swelled. It would establish a group service company subsidiary in the third quarter, UBS said on Monday.
Net new money at the division was 1.8 billion francs, after 14.4 billion in the first quarter.
The adjustment was made for outflows of cash that UBS deemed not profitable for the bank. However most still reported an increase in net new money.
The bank is now overhauling its legal structure under pressure from regulators to protect Swiss taxpayers in the future.
Wealth management Americas profit before tax was down 9.5 percent to 191 million francs, missing an estimate of 243 million francs.
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The retail and corporate unit posted its best second quarter results since 2010, with a pre-tax profit of 414 million Swiss francs.
