UBS reports $1.89bn net profit for second quarter

27 July 2010

UBS has reported a net profit of 2.005 billion Swiss francs ($1.89 billion) in its figures for the second quarter of the year.

The income level is slightly down on the amount recorded in the first three months of 2010, when UBS made 2.202 billion Swiss francs.

Oswald Grubel, group chief executive officer of UBS, said: "This was a good result in volatile market conditions and demonstrates the progress we are making as we move towards our mid-term targets."

He added competitive returns are being generated across the Swiss firm's portfolio of businesses, with an improvement being recorded in the competitive positioning of its investment banking operation.

Its investment bank recorded a pre-tax profit of 1.3 billion Swiss francs, up ten per cent on the first quarter.

Last month, the Swiss parliament agreed a deal which will see UBS pass over data to US authorities on American clients suspected of tax evasion.

By Asim Shah

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