The wealth management arm of UBS has registered profit before tax of CHF756m in the second quarter of 2015, up 113% compared to CHF355m a year ago.
For the quarter ended 30 June 2015, the unit’s adjusted profit before tax was CHF769m.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The bank said the unit’s adjusted net new money was robust at CHF8.4bn, driven by inflows from all regions and segments, most notably its Asia Pacific franchise, as well as from ultra-high-net-worth clients.
The unit’s total operating income increased 8% to CHF2.08bn from CHF1.92bn in the corresponding quarter of 2014. Total operating expenses were CHF1.34bn compared with CHF1.56bn a year earlier.
Net new money for the wealth-management business was CHF1.8bn in the quarter.
Wealth Management Americas delivered an adjusted profit before tax of US$231m. Net new money was slightly negative at $0.7bn, reflecting seasonal outflows of approximately $3.9bn associated with income tax payments.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataGlobal Asset Management division recorded an adjusted profit before tax of CHF134m. The unit’s operating profit / (loss) before tax for the second quarter was CHF130m compared to CHF105m a year ago.
The asset management division posted net new money of CHF8.3bn excluding money market flows. The quarter also reported an increase in net management fees mainly in traditional investments and global real estate.
Overall, the groups posted a net profit attributable to shareholders of CHF1.2bn, up 53% compared to CHF792m a year earlier.
UBS CEO Sergio Ermotti said: "We maintained our momentum despite ongoing market challenges, and establishing UBS Switzerland AG was another major milestone in enhancing resolvability. We remain focused on building on our early mover advantage with a clear strategy, while increasing effectiveness and efficiency, and further investing for profitable growth."
