ZURICH (Reuters) – UBS on Tuesday beat forecasts with a $1.4 billion net profit for its second quarter of 2019, as gains in its advisory business softened an investment banking fall and boosted its Swiss retail and corporate banking business.
The 1% rise meant Switzerland’s biggest bank’s earnings exceeded the median net profit estimate in the bank’s own consensus poll for a 24.9% slide to $1.038 billion.
Quarter - Profit - Improvement - Chief - Executive
“In the second quarter we achieved the highest second-quarter net profit since 2010 and an improvement on an already strong second-quarter 2018,” Chief Executive Sergio Ermotti said in a statement.
Profits in both its flagship wealth management business its and investment bank fell, as lenders faced...
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