Swiss bank UBS hits highest profits in over five years across all regions
Swiss bank UBS posted net profits north of $2bn today, as handling assets for the ultra-wealthy proves to be a money-maker for world’s largest wealth manager.
Net profits saw a 63 per cent jump in the second-quarter, which exceeded analyst forecasts by more than half a billion dollars.
“The momentum is on our side. We have no intention of letting go,” bank boss Ralph Hamers told analysts this morning.
The boss added that each region the bank is based in had recorded its highest profit levels in more than five years.
“You can expect us to continue to focus on growth on the wealth side, but on efficiency as well [as we] continue to invest.”
UBS shares opened higher 4.6 per cent today, while the benchmark Swiss market index was up one per cent.
The bank’s results come a day after it agreed to settle US charges over the selling of volatility-linked products.