UBS, Switzerland’s biggest bank, posted an unexpected rise in net profit on Friday despite CEO Sergio Ermotti giving a cautious outlook and highlighting that low volatility had hurt certain sectors of the bank.
Here are some of the key metrics:
- Q2 net profit: 1.174 billion Swiss francs ($1.21 billion), up 14 percent on a year earlier. 879 million Swiss francs was the estimate, according to Reuters.
- Q2 revenues: 7.27 billion Swiss francs vs. estimate of 7.23 Swiss francs, according to Reuters.
“We are highly concentrated of course in the FX (foreign exchange), we are one of the leaders in the FX business and volatility levels on all major currencies has been extremely low so we are suffering on that side,” UBS Chief Executive, Sergio Ermotti, told CNBC on Friday.
