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UBS also noted the growth of the second quarter, as the reduction of epidemics at the end of the spring helped to run the business in its financial sector.
Total earnings for the three months to the end of June rose to $ 2bn, up 63% from the previous year, and exceeded what $ 1.35bn analysts predicted.
“We are working hard and our choices are going well,” Ralph Hamers said in a statement Tuesday.
“Our growth in the second phase was strengthened by the relationships we have built and strengthened in the epidemic,” he added.
Since taking office in November, the Hamers have seen UBS benefit as the bank focuses on its asset management business. Assets deposited on behalf of customers by the bank through global financial management and supply chain management increased by 4% per quarter to $ 4.4trn.
UBS’s leading global subsidiary has made profits before paying $ 1.3bn, up 47% per annum, while wealthy customers have switched to more complex, smaller items.
In bank deposits, profits went up 9% to $ 668m, with higher M&A payments than paying lower prices in global markets and large businesses.
Profitability in personal and employee banks doubled to $ 456m last year. The bank also said consumer spending because the repeal of the epidemic laws could lead to a rise in credit card debt and foreign currency.
Despite the losses in the UBS hedge fund business, while operating costs fell by 46% in the quarter, asset dividends account for $ 255m, which increased by 62%, due to higher prices and higher operating costs for its global sales. the earth.
The bank also strengthened its funds during the outbreak. Its volume among major markets – the largest share of economic power – rose to 14.5%, ahead of 13% of the bank.
Uncertainty however remains in a number of cases pending in the courts, the bank said.
UBS has provided $ 2bn so far to address the expected legal challenges. The outcome of the appeal filed by France in a tax evasion scandal is expected in September, the bank said. A similar issue is also being investigated by Belgian authorities. And UBS is facing charges relating to the sale of US mortgage shares and Madoff’s business fraud.
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