Tuesday , March 31 2020
Breaking News
Home / International Customs / Swiss UBS net profit for Q2 hikes 1.2b Francs
Swiss UBS net profit for Q2 hikes 1.2b Francs

Swiss UBS net profit for Q2 hikes 1.2b Francs

BERN: UBS, Switzerland’s largest bank, on Monday posted second quarter profits of 1.2 billion Swiss francs ($1.25 billion, 1.1 billion euros), a 53 percent rise over the same period last year, which beat expectations.

The bank said its strong performance across all divisions demonstrated its “resilience”, in the first results reported since UBS agreed to plead guilty to fraud in the United States for currency manipulation. “I am pleased with the quarter. We maintained our momentum despite ongoing market challenges,” CEO Sergio Ermotti said in a statement.

On May 20th UBS learned that it would escape prosecution for allegations that it helped manipulate the benchmark exchange rate (LIBOR), after striking deals with US and British regulators. The bank agreed to plead guilty to one count of wire fraud in the LIBOR affair, pay $203 million in fines and accept a three-year term of probation. UBS was fined 1.4 billion Swiss francs ($1.46 billion) for its part in manipulating the benchmark rate by Swiss regulators in 2012.

In a sign that the bank had transcended its legal and regulatory troubles, UBS said its wealth management division posted its best second quarter results since 2009, with a pre-tax profit of 769 million Swiss francs.