UBS reported net profit attributable to shareholders came in at $1.136 billion for the period, versus a company-compiled consensus forecast of $528 million. In the bank’s global wealth management unit, revenue increased by 15% to $6.053 billion which UBS said was largely due to the consolidation of Credit Suisse.
Swiss banking giant UBS on Wednesday smashed net profit expectations for the second quarter, amid cost-cutting steps and swelling revenue at the lender’s global wealth management and investment bank units.
Net profit attributable to shareholders came in at $1.136 billion for the period, versus a company-compiled consensus forecast of $528 million.
Profit was nonetheless lower than the $1.755 reported in the first quarter, as expected by analysts.
Group revenue also beat forecasts in the second quarter, coming in at $11.904 billion versus an LSEG-compiled poll of $11.522 billion.
UBS said strong capital markets activity had partially offset a drag from net interest income, which it had previously flagged would be weaker due to lower lending and deposit volumes and lower Swiss interest rates.