UBS said on Tuesday that second-quarter profit rose nearly 15% despite muted client activity during the quarter and additional charges for litigation and regulatory inquiries, including the settlement of a German tax investigation.
'We delivered strong underlying results in a market environment that remained challenging for our clients and the industry', Sergio Ermotti, the UBS chief executive, said in a statement. 'We also continued to actively address litigation matters, reduce our noncore and legacy assets and execute on our strategic initiatives'.
During the quarter, UBS booked charges of about $280.8m for litigation and regulatory matters, cutting into its results for its wealth management, retail and corporate and global asset management businesses.
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