ZURICH (Reuters) – UBS reported second-quarter net profit well above expectations on Wednesday as the bank entered a new phase of the integration of former rival Credit Suisse.
The quarterly net profit, group share, of Switzerland’s largest bank reached 1.14 billion dollars (1.04 billion euros). Analysts on average had expected 528 million dollars, according to a consensus provided by the company.
“Our first half results demonstrate the significant progress we have made since closing the acquisition of Credit Suisse while delivering on our commitments to various stakeholders,” UBS Chief Executive Sergio Ermotti said in a statement.
“We are well positioned to achieve the levels of returns and financial targets achieved before we were called upon to stabilize Credit Suisse,” he added.
UBS also said it achieved an additional $0.9 billion in gross cost reductions, achieving approximately 45% of its cumulative annualized gross cost savings targets.
According to the group, the macroeconomic outlook is, however, clouded by ongoing conflicts, geopolitical tensions and the upcoming US elections.
He expects these uncertainties to persist in the near future and to lead to greater market volatility than in the first half of the year.
(Reporting by Dave Graham; editing by Kate Entringer; by Elena Smirnova)
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