UBS has posted a bigger-than-expected jump in second-quarter profit. As Hayley Platt reports the bank's chief says the Swiss bank has ''good momentum'' going into the second half of 2015.
UBS has had its best second-quarter since 2009. The Swiss bank posted a 53 percent rise in net profit. Expectations were for just 3.2 percent. The bank released the results a day early after a Swiss newspaper reported inaccurate figures at the weekend. Its two main businesses did well. That, plus a tax asset revaluation, makes UBS one of the few European banks likely to pay a decent full-year dividend. Shares fell slightly but not as far as others in the sector. Admiral Market's, Darren Sinden. SOUNDBITE: Darren Sinden, Market Commentator, Admiral Markets, saying (English): "I think that probably says more about the sentiment in the market than it does about UBS per say. The Wealth division doing very well, the private banking division doing very well again and the management looking forward with confidence." The results follow a similar story at Credit Suisse. Last week shares in Switzerland's second-largest bank surged more than 6 percent as a new strategic overhaul was given the thumbs up. SOUNDBITE: Darren Sinden, Market Commentator, Admiral Markets, saying (English): "Both banks pointed to their Wealth Management and Private banking businesses growing and I suspect that that's the strategy that both will continue to employ. Perhaps be less active in global investment banking and more pro active in terms of managing of private money and high net worth individuals The good news continued in Spain, where Bankia delivered a decent first half. Profits at the bailed out bank - which is still majority state-owned - rose 11.5 percent from a year earlier. It was largely thanks to lower charges for bad debts and an improving Spanish economy.