Swiss bank UBS reports second-quarter 2021 net profit attributable to shareholders of $2 billion, up 63 percent from a year earlier.
Operating Income was up 21 percent while expenses rose 10 percent, helping the cost/income ratio to fall 4.1 percentage points year-on-year. The bank saw continued momentum in investment flows and volume growth in conjunction with favorable market conditions and investor sentiment, according to a media release on Tuesday.
Invested assets in Global Wealth Management (GWM) and Asset Management rose 4.4 percent from the first quarter to $4.4 trillion, with GWM recorded $25 billion in net new fee-generating assets. The group reported $0.55 diluted earnings per share and a 14.5 percent CET1 ratio.
UBS chief executive Ralph Hamers commented: «Momentum is on our side and our strategic choices and initiatives are paying off. And we are eager to make the most of our future».
Outlook
UBS added that is expects seasonally expected lower client activity to impact third quarter 2021 revenues. "Higher asset prices should have a positive effect on recurring fee income in our asset gathering businesses. However, the continued uncertainty about the environment and economic recovery could affect both asset prices and client activity levels," the bank said in its quarterly report.
