UBS reports Q2 profits

by Richard Kilner

Story link: UBS reports Q2 profits

Swiss investment bank UBS has announced its financial results for the second quarter of 2010, including a net profit of CHF2bn.

This is CHF200m lower than the net profit achieved in the preceding quarter, but hugely improved on the loss of CHF1.4bn incurred during the same time in 2009.

The firm’s Investment Bank performance saw 10% growth, and recorded pre-tax profits of CHF1.3bn.

Wealth Management & Swiss Bank profits were in line with Q1 and provided the firm with pre-tax profits of CHF1.1bn.

BIS tier 1 capital ratio was 16.4% at the end of the quarter, 0.4% higher than at the end of Q1, with core tier 1 capital ratio increased by 0.5% to 13.0%.

Group Chief Executive Officer Oswald J. Grübel has described the firm’s performance as a good result in a volatile market, with greater competitiveness from the Investment Bank and stability in Wealth Management & Swiss Bank.