UBS's net profits soar above forecasts on a combination of cost-cutting measures, increased revenue through its global wealth management and investment bank units and the integration of Credit Suisse.
ADVERTISEMENTSwitzerland's largest bank UBS saw profits soar in its second quarter, up at $1.14bn (€1.04bn) and easily exceeding forecasts of $528m (€480m).
Revenue was up by 15% at $6.053bn (€5.50bn), attributed mainly to its integration with one-time rival Credit Suisse.
The results are the first since the formal merger was completed in May.
Group revenue for the April-June period also came in above forecasts at $11.904bn (€10.82bn) - analyst expectations were for $11.522bn (€10.47bn).
In a statement revealing the results, UBS CEO Sergio Ermotti said first-half results were a reflection of the "significant progress" the bank had made since its takeover of the ailing Credit Suisse.
"We are well positioned to meet our financial targets and return to the levels of profitability we delivered before being asked to step in and stabilise Credit Suisse," he pointed out.
"We are now entering the next phase of our integration, which will be critical to realise further substantial cost, capital, funding and tax benefits."
Speaking to CNBC, Ermotti said: "Across the board we showed pretty good resilience, in investment banking, in wealth management, but also I think that we are making good progress in de-risking in our core and taking down cost there."
As far as profits were concerned, he went on: "It's a combination of good momentum on the top-line, but also good progress on cost reductions."
