UBS cashes in on soaring profits

17-08-2006

Banking and financial services firm UBS has revealed that its second quarter profits rose 47 per cent to 3.2 billion Swiss francs (£1.3 billion), despite "difficult" market conditions.

The Swiss bank group's revenue was 36.3 billion Swiss francs (£15.5 billion), while profits for the half-year now stand at 6.1 billion Swiss francs (£2.6 billion).

Clive Standish, the bank's chief financial officer, explained that the bank's "strong" profits feat was achieved despite "market reversal" during the last three months.

"Recurring income continued to benefit from the high levels of invested assets. Underwriting fees were at a record. Corporate finance and brokerage fees rose, as did revenues from trading activities," he said.

Mr Standish revealed that UBS had performed "especially well" in Asia, thanks partly to its role as joint global coordinator in the initial public offering of the Bank of China. Staff numbers were also revealed to have increased by 18 per cent in south-east Asia.

However, the bank emphasised that trading activity revenues had risen across all markets, in spite of the increasingly difficult trading conditions that had arisen from "growing geopolitical concerns", as well as underlying economic and inflationary worries.

But Peter Wuffli, UBS chief executive officer, said: "When market conditions become more difficult, the trust that clients have in our advice becomes especially important. We believe this will be another year of strong results."


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