UBS 2Q Net Profit Rose But Missed Views Amid Tough Conditions
UBS Group AG’s second-quarter earnings inched higher, though they fell short of analysts’ expectations, held back by steep falls in global stock and bond markets. The Swiss bank on Tuesday reported a quarterly net profit of $2.11 billion, up from $2.01 billion a year earlier. Revenue was $8.92 billion, inching up from $8.90 billion, it said. Analysts had expected UBS to post a net profit at $2.40 billion on revenue of $9.43 billion, according to a company-compiled consensus. UBS’s wealth-management division, the company’s crown jewel, recorded a 2% revenue drop, dragged by negative market performance, adverse currency effects and lower levels of client activity, especially in the Americas and Asia-Pacific regions.