Net profit up 63% to $ 2 billion

UBS Wealth management invested money in our flagship wealth management business, which exceeded our earnings forecasts for the second quarter.

A major Swiss bank reported on Tuesday a net profit attributable to shareholders of $ 2 billion over the next three months of the year.this is 63% year-on-year increaseAnd, according to Refinitiv data, it is well above analysts’ expectations of $ 1.34 billion.

In its earnings report, UBS attributed this success to “strong market conditions and investor sentiment,” as well as “continuous momentum of flow and volume growth.”

Other quarterly highlights:

  • Operating profit increased from $ 7.4 billion a year ago to $ 8.98 billion.
  • Return on tangible shareholders’ equity was 15.4%, but a year ago it was 9.7%.
  • The CET1 ratio, a measure of a bank’s solvency, reached 14.5%, compared to 13.3% a year ago.

“The growth in the second quarter was supported by the relationships we have built through the pandemic and the trust our clients have placed in our employees and the company. All business units and regions have contributed to our performance.” UBS CEO Ralph said. Hammers said in a statement.

“The momentum is on our side, our strategic choices and initiatives are paying off, and we want to make the most of the future.”

Wealth management boom

Net profit up 63% to $ 2 billion

Source link Net profit up 63% to $ 2 billion

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