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UBS on Wednesday reported a $1.1bn net profit for the three months to the end of June, twice what analysts expected, helped by a strong performance from its investment bank and the deepening integration of Credit Suisse. The Swiss lender also recorded revenues of $11.9bn for the quarter, up 25 per cent from the same period last year, slightly higher than analyst expectations of $11.6bn. “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,” said chief executive Sergio Ermotti. “We are now entering the next phase of our integration.” UBS inflows in the wealth management business remained steady with the bank attracting another $27bn in net new assets, the same as the previous quarter. Revenues in its investment bank were up 38 per cent, compared with the same period last year, to $2.8bn as the division benefited from a boost in global banking. The Swiss lender said it had achieved $900mn of additional gross cost savings to reach about 45 per cent of its annualised cost-saving ambition. UBS completed its legal merger with Credit Suisse in May, 18 months after it was asked to rescue its one-time rival. Since then the bank has been locked in a public dispute with Swiss authorities over increased capital requirements that the government has proposed for the enlarged bank.
