UBS posts 53% rise in second quarter profits

GMT 09:11 2015 Monday ,27 July

Arab Today, arab today UBS posts 53% rise in second quarter profits

Swiss bank UBS
Geneva - AFP

Switzerland's largest bank UBS on Monday posted second quarter profits of 1.2 billion Swiss francs ($1.25 billion, 1.1 billion euro), a 53 percent rise over the same period last year, which beat expectations.

The bank said its strong performance across all divisions demonstrated its "resilience", in the first results reported since UBS agreed to plead guilty to fraud in the United States for currency manipulation.

"I am pleased with the quarter. We maintained our momentum despite ongoing market challenges," CEO Sergio Ermotti said in a statement.

UBS on May 20 learned that it would escape prosecution for allegations that it helped manipulate the benchmark exchange rate (LIBOR), after striking deals with US and British regulators.

The bank agreed to plead guilty to one count of wire fraud in the LIBOR affair, pay $203 million in fines and accept a three-year term of probation.

UBS was fined 1.4 billion Swiss francs for its part in manipulating the benchmark rate by Swiss regulators in 2012.

It a sign that the bank had transcended its legal and regulatory troubles, UBS said its wealth management division posted its best second quarter results since 2009, with a pre-tax profit of 769 million Swiss francs.

The investment bank division also brought in 617 million Swiss francs in profits before tax, one of its best performances in recent years.

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