UBS operating income slides to $7.5B in Q2

Tuesday, 23. July 2019 07:12

Swiss financial services company UBS Group AG said on Tuesday its reported operating income of $7.52 billion in the second quarter of 2019, down from $7.64 billion in the same period a year ago. Reported profit before tax (PBT) was up by 3% annually at the same time, reaching $1.76 billion, while earnings per share (EPS) grew 2% to $0.37.

The company achieved the highest net profit for the three months through June since 2010, amounting to $1.4 billion. Net profit attributable to shareholders added 1% year over year to total $1.39 billion, the financial results showed. The group noted that "downside risks remain due to political uncertainties and geopolitical tensions." However, "central banks are indicating a reversal of monetary policy normalization and embarking on new stimulus measures," and "expected rate cuts will continue to adversely affect net interest income compared with last year," it added.

"In the second quarter we achieved the highest 2Q net profit since 2010 and an improvement on an already strong 2Q18. Once again we showed the strength of our business model and its ability to generate competitive returns even with market conditions far from last year’s. Overall, our goals remain unchanged: to deliver sustainable and profitable long-term growth while investing in our businesses and providing attractive shareholder returns," noted CEO Sergio Ermotti.

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