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Profits boost for Swiss bank UBS

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Profits boost for Swiss bank UBS

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Swiss bank UBS announced a larger than expected increase in its second quarter profits on Monday, up by 25 percent.

Net profits rose 53 percent on the year to 1.2 billion Swiss francs (
1.13 billion euros), much more than the 3.2 percent rise forecast in a Reuters poll.

Profit in the second quarter a year earlier was hit by almost $300 million (271 million euros) to settle claims the bank helped wealthy Germans dodge taxes.

Chief Executive Sergio Ermotti said the bank’s prospects for the next six months also looked good.

“I’m confident that we are entering the second part of year with a good momentum,” said Ermotti.

Zurich-based UBS published earnings for the quarter up to June 30 a day earlier than it had planned. The bank said this was done to counter what the bank said was “incorrect and misleading information” in a report in the Swiss newspaper Sonntagszeitung on Sunday.