UBS Reports Strong Second Quarter Performance
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Swiss bank UBS reports second-quarter 2021 net profit attributable to shareholders of $2 billion, up 66 percent from a year earlier.
Operating Income was up 21 percent while expenses rose 10 percent, helping the cost/income ratio to fall 4.1 percentage points year-on-year. The bank saw continued momentum in investment flows and volume growth in conjunction with favorable market conditions and investor sentiment, according to a media release on Tuesday.
Invested assets in Global Wealth Management (GWM) and Asset Management rose 4.4 percent from the first quarter to $4.4 trillion, with GWM recorded $25 billion in net new fee-generating assets. The group reported $0.55 diluted earnings per share and a 14.5 percent CET1 ratio.
UBS chief executive Ralph Hamers provided commented: «Momentum is on our side and our strategic choices and initiatives are paying off. And we are eager to make the most of our future.
Questions & Answers
Q.What was the reported net profit for UBS in the second quarter of 2021?
What was the reported net profit for UBS in the second quarter of 2021?
UBS reported a net profit attributable to shareholders of $2 billion for the second quarter of 2021. This figure represents a 66 percent increase compared to the previous year.
Q.How did expenses change for UBS in the second quarter compared to operating income?
How did expenses change for UBS in the second quarter compared to operating income?
Operating Income for UBS was up 21 percent in the second quarter, while expenses rose by 10 percent. This differential helped to reduce the cost/income ratio by 4.1 percentage points year-on-year.
Q.What was the total value of invested assets in Global Wealth Management and Asset Management?
What was the total value of invested assets in Global Wealth Management and Asset Management?
Invested assets in Global Wealth Management and Asset Management reached $4.4 trillion. This amount represents a 4.4 percent increase from the first quarter of the year.
Q.How much in net new fee-generating assets did Global Wealth Management record?
How much in net new fee-generating assets did Global Wealth Management record?
Global Wealth Management recorded $25 billion in net new fee-generating assets during the second quarter. This contributed to the overall growth in invested assets for the bank.