UBS bank sees 53% jump in net profit

Swiss bank UBS has reported a 53% increase in net profits for its second quarter compared to the previous year.

UBS said in a statement that second quarter adjusted profit before tax was 1.6bn Swiss francs (£1.1bn, $1.7bn).

Net profit attributable to UBS Group AG shareholders was quoted as 1.2bn francs, up 53% from 2014.

The bank released the results a day earlier than expected, after a Swiss newspaper reported on the figures on Sunday.

UBS chief executive Sergio Ermotti said the bank “maintained its momentum despite ongoing market challenges”.

In its outlook, the bank cautioned that seasonal impacts were likely to affect revenues and profits in the third quarter, pointing to “underlying macroeconomic challenges and geopolitical issues unlikely to be resolved in the foreseeable future”.

The bank’s main rival in Switzerland, Credit Suisse, last week announced a second quarter net profit of 1.1bn francs, also beating expectations.