Swiss banking giant UBS exceeded earnings expectations for the second quarter, posting net profit attributable to shareholders of $ 2 billion.
That’s an increase of $ 1.23 billion for the same period last year and well above analysts’ expectations of $ 1.34 billion according to Refinitiv data.
In its earnings report, UBS attributed the success to “favorable market conditions and investor sentiment” along with “continued momentum in capital flows and volume growth”.
Further highlights of the quarter:
- Operating income reached $ 8.98 billion compared to $ 7.4 billion a year earlier.
- The return on equity was 15.4% compared to 9.7% in the previous year.
- The CET 1 ratio, a measure of the solvency of banks, reached 14.5% compared to 13.3% a year ago.
“The momentum is on our side and our strategic decisions and initiatives are paying off. And we are committed to making the most of the future,” said UBS CEO Ralph Hamers in a statement.
This is a development story and will be updated shortly.