UBS profits ahead of expectations
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.