Swiss banking giant UBS has beaten second-quarter earnings expectations, reporting net profit attributable to shareholders of $2 billion.
This is up from $1.23 billion reported for the same period last year, and significantly 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 flows and volume growth.”
Other highlights for the quarter:
- Operating income hit $8.98 billion from $7.4 billion a year ago.
- Return on tangible equity stood at 15.4%, versus 9.7% a year ago.
- CET 1 ratio, a measure of bank solvency, reached 14.5% versus 13.3% a year ago.
“Momentum is on our side and our strategic choices and initiatives are paying off. And we are eager to make the most of the future,” UBS CEO Ralph Hamers said in a statement.
This is a developing story and will be updated shortly.