UBS ended the second quarter with a net profit of 1,39 billion dollars, up 1% over the same period of the previous year. A result that represents the best performance in the April-June period since 2010. The milestone was reached, underlines the bank, despite more difficult market conditions compared to 2018. The figure clearly beat the expectations of analysts who had expected declining profits by 24,9% to $1,038 billion.
Down i operating revenue, dropped 1% to $7,54 billion. Also in this case the result exceeded the consensus. The Adjusted pre-tax result was $1,787 billion, down 2% year-over-year, while the cost/income ratio stood at 76,1%.
As for the capital, Ubs shows an index Cet1 by 13,3%. However, UBS points out that downside risks remain for the global economy and the expected cut in interest rates by central banks will continue to have negative effects on interest margins.
The CEO Sergio P. Ermotti: “In the second quarter, we not only advanced from an already strong second quarter 2018, but we delivered the highest net income of a second quarter since 2010. Once again our operating model has demonstrated its strength and its ability to generate competitive returns even in market conditions far from those of last year. Overall, our goals remain unchanged: to achieve long-term sustainable and profitable growth, investing in our businesses and delivering attractive returns to shareholders.”
On the Zurich Stock Exchange, the UBS share gained 1,74%, reaching 12,02 Swiss francs.
