UBS has posted a net profit attributable to shareholders of CHF2bn, or CHF0.52 per share, for the second quarter ended June 30, 2010, compared to a net loss attributable to shareholders of CHF1.4bn, or CHF0.39, for the second quarter of 2009.
Operating income for the second quarter of 2010 increased to CHF9.18bn from CHF5.77bn in the same quarter of 2009.
Operating expenses for the second quarter of 2010 declined to CHF6.57bn from CHF7.09bn in the same quarter of 2009.
UBS’ cost/income ratio in the second quarter of 2010 was 71.2%, compared to 115.2% in the corresponding quarter of 2009.
For the first six months of 2010, the company has posted a net profit attributable to shareholders of CHF4.21bn, or CHF1.1 per share, compared to a net loss of CHF3.37bn, or CHF0.96 per share, for the same period of 2009.
Operating income for the first half of 2010 increased to CHF18.19bn from CHF10.74bn in the same half of 2009. Operating expenses for the six months period ended June 30, 2010 declined to CHF12.77bn from CHF13.62bn in the same period of 2009.
Oswald Grubel, group CEO of UBS, said: “This was a good result in volatile market conditions, and demonstrates the progress we are making as we move towards our mid-term targets. Our investment bank has improved its competitive positioning, and profits in wealth management and Swiss bank are stable.
“Our portfolio of businesses is increasingly able to generate competitive returns in a variety of market conditions, and our risk management framework has proven robust. I remain confident in our future and I firmly believe that we have the right strategy in place.”