UBS extends winning streak in second quarter as wealth management business booms

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

ZURICH (Reuters) – Swiss bank UBS 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.

“Momentum is on our side and our strategic choices and initiatives are paying off.”

Hamers, in the top role since November, has set his sights on…

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