UBS profits ahead of expectations

UBS offices in London
Image caption Shares in UBS were trading higher on the back of the results

Swiss bank UBS has announced quarterly profits that beat market expectations, helped by strong equities and foreign exchange revenues.

The bank made a net profit of 2bn Swiss francs ($1.9bn; £1.2bn) in the April-to-June quarter. Analysts had expected a profit of about 1.3bn Swiss francs.

Profit at its investment banking division improved from the first quarter, although revenues fell.

"This was a good result in volatile market conditions," UBS said.

"I remain confident in our future and I firmly believe that we have the right strategy in place," said chief executive Oswald Gruebel.

UBS shares were up 6% in morning trade.

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