UBS surpasses expectations with a $1.14 billion profit in the second quarter.
- The company's net profit attributable to shareholders was $1.136 billion for the period, exceeding the company-compiled consensus forecast of $528 million.
- The global wealth management unit of the bank experienced a 15% increase in revenue, reaching $6.053 billion, according to UBS. The growth was mainly attributed to the consolidation of Credit Suisse.
On Wednesday, the Swiss banking giant exceeded net profit expectations for the second quarter, with revenue also surpassing expectations.
The company's net profit attributable to shareholders exceeded the company-compiled consensus forecast by $608 million.
Despite the predicted drop in profit, the $1.755 reported in the first quarter was still lower than the actual profit.
In the second quarter, revenue surpassed expectations, reaching $11.904 billion compared to a forecast of $11.522 billion as compiled by LSEG.
The global wealth management unit of the bank experienced a 15% increase in revenue, reaching $6.053 billion, according to UBS. The growth was mainly attributed to the consolidation of Credit Suisse.
Despite UBS's swing back to profit in the first quarter, it predicted that its net interest income would decline in both its global wealth management and personal and corporate banking divisions.
UBS's acquisition of Credit Suisse a year ago initiated a massive integration process, resulting in a wealth management powerhouse.
This is a breaking news story and will be updated shortly.
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