With the wealthy individuals poured money into its flagship business of wealth management, the Swiss banking giant, UBS has beaten the expectations of its second-quarter earnings.
For the second quarter of the year, the company reported that the overall profit attributable to shareholders is $2 billion. According to Refinitiv data, these figures mark an increase of 63% from the same period the previous year and about $1.34 billion above the expectations of analysts.
UBS believes that this could become possible because of the favorable market conditions and positive investor sentiment along with ongoing momentum inflows and volume growth
“Our growth in the second quarter was underpinned by the relationships we have built and strengthened throughout the pandemic and by the trust, our clients place in our people and in our firm. All business divisions and all regions contributed to our results,” UBS CEO Ralph Hamers said in a statement.
He opines that momentum is on side of UBS with its strategic choices and initiatives are paying off and it is eager to make the most of the future.
Hamers also expressed that due to increased demand, the strategic focus of the bank on specific sectors and clients was getting manifested itself.
“All the changes that we made over the last one to two years around the banking side actually paying off, and with that, you see actually that we are gaining market share. It is because of the focus on our client franchise,” he said.