Swiss banking big UBS has overwhelmed second-quarter earnings expectations, reporting internet revenue attributable to shareholders of $2 billion.
That is up from $1.23 billion reported for a similar interval final 12 months, and considerably above analysts expectations of $1.34 billion, in line with Refinitiv information.
In its earnings report, UBS attributed the success to “favorable market situations and investor sentiment,” together with “continued momentum in flows and quantity progress.”
Different highlights for the quarter:
- Working revenue hit $8.98 billion from $7.4 billion a 12 months in the past.
- Return on tangible fairness stood at 15.4%, versus 9.7% a 12 months in the past.
- CET 1 ratio, a measure of financial institution solvency, reached 14.5% versus 13.3% a 12 months in the past.
“Momentum is on our facet and our strategic selections and initiatives are paying off. And we’re desperate to take advantage of the longer term,” UBS CEO Ralph Hamers stated in a press release.
It is a growing story and will likely be up to date shortly.