Switzerland's UBS sees 2nd-quarter profit rise 14 percent

Markets Associated Press

Swiss bank UBS says its earnings rose 14 percent in the second quarter as its wealth management operation performed strongly.

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UBS said Friday that net profit for the April-June period was up to 1.17 billion francs ($1.2 billion) from 1.03 billion francs a year earlier. The company also saw operating expenses decline and said that it is on track to reach its cost-saving target for the year.

UBS said increased client activity and U.S. dollar interest rate rises helped drive profit growth in its global wealth management business.

CEO Sergio Ermotti said that "considering market conditions, the second quarter results were very good and contributed to a strong first half of the year."

First-half net profit was up 40 percent from a year earlier at 2.44 billion francs.