• 2 months ago
UBS reported net profit and revenue for the second quarter that beat analyst estimates. The bank reported that strong capital markets activity partially compensated for weaker net interest income caused by reduced lending and deposit volumes and lower Swiss interest rates. UBS reported an increase in global wealth management and investment bank revenue. CEO Sergio Ermotti highlighted resilience, cost reduction, and strong client activity despite lower net interest income margins. Over a year after UBS took over Credit Suisse, the integration process is complete, and Credit Suisse no longer exists as a separate entity, creating a wealth management powerhouse.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02UBS reported net profit and revenue for the second quarter that beat analysts' estimates.
00:07The bank reported that strong capital markets activity partially compensated for weaker
00:11net interest income caused by reduced lending and deposit volumes and lower Swiss interest
00:16rates.
00:17UBS reported an increase in global wealth management and investment bank revenue.
00:22CEO Sergio Armadi highlighted resilience, cost reduction, and strong client activity
00:26despite lower net interest income margins.
00:29Over a year after UBS took over Credit Suisse, the integration process is complete and Credit
00:34Suisse no longer exists as a separate entity, creating a wealth management powerhouse.
00:39For all things money, visit Benzinga.com.

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