Switzer­land’s UBS sees Q2 profit jump 14%

Kuwait Times - - BUSINESS -

Swiss bank UBS says its earn­ings rose 14 per­cent in the sec­ond quar­ter as its wealth man­age­ment op­er­a­tion per­formed strongly. UBS said Fri­day that net profit for the April-June pe­riod was up to 1.17 bil­lion francs ($1.2 bil­lion) from 1.03 bil­lion francs a year ear­lier. The com­pany also saw op­er­at­ing ex­penses de­cline and said that it is on track to reach its cost-sav­ing tar­get for the year.

UBS said in­creased client ac­tiv­ity and US dol­lar in­ter­est rate rises helped drive profit growth in its global wealth man­age­ment busi­ness. CEO Ser­gio Er­motti said that “con­sid­er­ing mar­ket con­di­tions, the sec­ond quar­ter re­sults were very good and con­trib­uted to a strong first half of the year.” First-half net profit was up 40 per­cent from a year ear­lier at 2.44 bil­lion francs. — AP

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