UBS posts surprise Q2 profit boost | 2019-07-24

UBS posts surprise Q2 profit boost

24 July, 2019 12:00 AM printer

ZURICH: UBS on Tuesday beat forecasts with a US$1.4 billion net profit for its second quarter of 2019, as gains in its advisory business softened an investment banking fall and boosted its Swiss retail and corporate banking business.

The 1per cent rise meant Switzerland's biggest bank's earnings exceeded the median net profit estimate in the bank's own consensus poll for a 24.9per cent slide to US$1.038 billion, report agencies.

"In the second quarter we achieved the highest second-quarter net profit since 2010 and an improvement on an already strong second-quarter 2018," Chief Executive Sergio Ermotti said in a statement.