UBS Profit Rises 53% on Lower Costs, Jump in Equity Trading
ByUBS Group AG reported second-quarter profit that beat analyst estimates as income from managing funds for the wealthy more than doubled on lower costs andEQUITY TRADING
rose to the highest in three years.
Net income climbed to 1.21 billion Swiss francs ($1.26 billion) from 792 million francs a year earlier, Switzerland’s largest bank said Monday in a statement. That exceeded the 915 million-franc average of three analyst estimates compiled byBLOOMBERG.
UBS, the world’s biggest manager of money for the wealthy, has focused on expanding that division while shrinking its investment bank. It runs the largest private bank in Asia, where firms are competing fiercely to oversee the region’s growing wealth, and said funds grew across the business in the period even as the bank changed pricing on some accounts…
UBS Profit Rises 53% on Lower Costs, Jump in Equity Trading
