UBS extends winning streak in Q2 as wealth management business booms

The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland June 22, 2020. REUTERS/Arnd Wiegmann

  • Q2 net profit $2.006 bln, trounces $1.343 bln analysts’ estimate
  • $25 bln in fresh fee-generating client inflows in Q2
  • Focus on digitalisation to help win more business

ZURICH, July 20 (Reuters) – Swiss bank UBS (UBSG.S) on Tuesday posted a 62.8% rise in second-quarter net profit, as buoyant markets continued to help the world’s largest wealth manager generate higher earnings from managing money for the rich.

Second-quarter net profit of $2.01 billion, up from $1.23 billion in the same quarter a year ago, far outpaced expectations for $1.34 billion in a poll of 20 analysts compiled by the bank.

“Our growth in the second quarter was underpinned by the relationships we have built and strengthened throughout the pandemic,” Chief Executive Ralph Hamers said in a statement, adding all business divisions and regions had contributed to the rise.


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