UBS posts better-than-expected quarterly profit

A logo of Swiss banking giant UBS in Zurich, on March 23, 2023.

Fabrice Coffrini | Afp | Getty Images

Swiss banking titan UBS on Wednesday beat expectations on the bottom line, as group invested assets soared on the back of increases in the lender’s global wealth management and corporate units.

Net profitable attributable to shareholders hit $2.395 billion in the second quarter, compared with a mean LSEG analyst forecast of $1.901 billion. The bank’s revenues over the period reached $12.112 billion, just below analyst expectations of $12.45 billion.

This breaking news story is being updated.

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