Saturday, July 31

Q2 earnings season

Banks, Finance, Markets, MI Exclusive, Q2 earnings, Q2 earnings season, Swiss Bank, UBS, UBS Results

UBS smashes Q2 profit forecasts thanks to its surging wealth-management business-but expects a drop in client activity in Q3

Ralph Hamers, CEO of Swiss Bank UBS. Associated Press Top Swiss bank UBS beat second-quarter profit expectations on Tuesday as it benefited from a boom in its wealth management business, but warned of a drop in client activity in the third quarter.UBS shares rose 4% in regular European trading.Here are the key numbers:Net income: $2 billion versus Bloomberg consensus estimates of $1.3 billionWealth management pre-tax profit: $1.29 billion versus consensus estimates of $1.18 billionInvestment bank pre-tax profit: $668 million versus consensus estimates of $414.1 millionThe bank attributed its quarterly success to "favorable market conditions and investor sentiment." "Our growth in the second quarter was underpinned by the relationships we have built and strengthened throug...