Swiss bank UBS says 2nd-quarter earnings up 53 percent, helped by equities performance

MarketsAssociated Press

Swiss bank UBS AG says its earnings leapt by 53 percent in the second quarter, helped by strong performances in equities trading and wealth management.

UBS said Monday that its net profit for the April-June period was 1.21 billion francs ($1.26 billion), up from 792 million francs a year earlier.

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CEO Sergio Ermotti said he was pleased with the quarter and that UBS "maintained our momentum despite ongoing market challenges."

The bank cautioned that seasonal factors likely will affect third-quarter earnings and said that many "underlying macroeconomic challenges and geopolitical issues ... remain and are unlikely to be resolved in the foreseeable future."