UBS delivers 'strong underlying results'

Sergio Ermotti Interview Pic

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.

The New York Times reports that UBS reported profit of about $875m. That compared with a profit of about $762.8m in the period a year earlier, and was better than analysts’ expectations.

'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.

To access the complete New York Times article hit the link below:

UBS Profit Up 15% in Second Quarter

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