UBS posts 1.2 bln Sfr second-quarter profit, publishes results early

Swiss lender UBS saw its profits soar over 50 percent in the second quarter, after the bank reported earnings a day early following leaked figures which were reported by local Swiss media over the weekend.

UBS’s private bank posted adjusted net new money growth, a key indicator of future revenue, of 8.4 billion francs (5.6 billion pounds) in the second quarter, above the poll consensus. This was up 53 percent on the year.

It a sign that the bank had transcended its legal and regulatory troubles, UBS said its wealth management division posted its best second quarter results since 2009, with a pre-tax profit of 769 million Swiss francs.

UBS said Monday that its net profit for the April-June period was 1.21 billion francs ($1.26 billion), up from 792 million francs a year earlier.

UBS chief executive Sergio Ermotti said the bank “maintained its momentum despite ongoing market challenges”.

The above-consensus earnings come just a few days after rival Credit Suisse announced a strategic overhaul that helped its shares surge more than 6pc.

UBS also bolstered its capital cushion, a measure of a bank’s ability to withstand a crisis, to 14.4 percent.