News

UBS Profit Jumps 63 in Q2, Wealth Management Boom Continues

0

ZURICH Reuters Swiss bank UBS on Tuesday posted a 63 rise in secondquarter net profit, as buoyant markets continued to help the worlds largest wealth manager generate higher earnings from managing money for the rich.

Secondquarter net profit of 2.01 billion, up from 1.23 billion in the same quarter a year ago, far outpaced expectations for 1.34 billion in a poll of 20 analysts compiled by the bank.

Our growth in the second quarter was underpinned by the relationships we have built and strengthened throughout the pandemic, Chief Executive Ralph Hamers said in a statement, adding all business divisions and regions had contributed to the rise.

Momentum is on our side and our strategic choices and initiatives are paying off.

Hamers, in the top role since November, has set his sights on digitalisation to help win more business from the lower echelons of the worlds welloff.

UBS is trying to improve its digital services to reach more customers outside its superrich core client base. It sees potential for a new online platform to pull in 30 billion in the next year after being launched in May 2020, Reuters reported in June.

On Tuesday, UBS posted 25 billion in fresh feegenerating client inflows. Combined with strong markets, that helped push invested assets in its global wealth management business up by 4 sequentially to 3.2 trillion.

Trading amongst its wealthy and ultrawealthy clients also remained strong, helping Switzerlands biggest bank boost pretax profits by…

USD Up, Commodity Currencies Down; Freedom Day in UK

Previous article

JPY, USD Ascendant as Delta Variant Spurs Flight to Safety

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News