Following the results of the second quarter, the largest Swiss bank UBS AG increased its net profit by 14% to 1.17 billion Swiss francs ($ 1.21 billion), compared to 1.03 billion francs for the same period last year. The profit grew due to a significant improvement in the indicators in the sphere of state management and investment banking business.
According to the bank, in April-June, operating profit fell from 7.4 billion to 7.3 billion francs.
Analysts on average predicted a net profit of 809 million francs, and operating profit of 7.25 billion francs, writes The Wall street Journal.
UBS confirmed that it will fulfill the goal set for 2017 to save 2.1 billion francs.
UBS was founded in 1854, its headquarters are located in Zurich and Basel. UBS operates in more than 50 countries around the world, and its staff numbers about 60,000 people. The bank manages more than 2.8 trillion Swiss francs.
Other Swiss giant – Credit Suisse (SIX: CSGN), is recovering after two years of losses, reporting a 78% increase in net profit in the second quarter.
The head of the bank, Tidjane Thiam, who headed Credit Suisse since July 2015, is restructuring, shifting the focus from investment banking to capital management.
After a loss of 2.7 billion Swiss francs ($ 2.8 billion) in 2016, Credit Suisse reported profits for the second quarter in a row. Net profit for the three months ended in late June, rose to 303 million francs.
The indicator almost coincided with the average forecast of analysts polled by Reuters at 302 million francs.
"We are halfway to the completion of our three-year strategic plan, and our strategy is working," said Tidjane.
Global Markets - the trading division of Credit Suisse, which in the past two years was a source of serious losses for the bank - recorded a pre-tax profit of $ 267 million compared to $ 156 million a year earlier.