UBS Beats Forecasts in Quarterly Profit
July 27, 2010 14:18
Strong equities and currency revenues drove UBS's second-quarter net profit well above forecasts despite choppy market conditions and client money withdrawals fell to their lowest level since early 2008.
UBS earns $1.9 billion profits in Q2 beyond $1.28 billion profits estimated by analysts that was polled by Reuters.
Clients drained a total of about 5 billion francs, the lowest quarterly withdrawal UBS has experienced since it started to bleed assets at the start of 2008, but not sufficient for CEO Oswald Gruebel to say he has turned the tide.
On Thursday, Credit Suisse posted second-quarter profit of 1.6 billion francs, helped by tax and accounting gains.
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