UPS profits in the second quarter from last year have doubled, bypassing expectations by a big difference; Where he joined other major banks in achieving the maximum benefit from the high trading activity amid market turmoil.
The largest bank in Switzerland also announced on Wednesday that it is witnessing a great readiness of investors and companies, to employ capital, with the increase in “conviction” with the expectations of the macroeconomic.
He added that it is too early to set the date for the implementation of the deals under preparation.
The net profit belonging to the shareholders amounted to $ 2.4 billion, exceeding the estimates of the company amounting to $ 2.045 billion.
In the investment banking services department, global market revenues increased by 25 percent during the quarter; Trading indicators focused on the turmoil caused by the tariff war warfare by US President Donald Trump. At the same time, the transaction -based income for the World Resources Management Department increased by 12 percent.
Some of this rise in profits can be attributed to a clear liberalization of $ 427 million of emergency allocations and obligations related to solving the case of a lawsuit with Credit Swiss Bank, in addition to a net tax interest in income of $ 209 million.
UPS bank announced that it is expected that trading and transactions will be more regular in the next quarter.
In its statement to the second quarter, the bank stated that the process of integrating its former rival: “Credit Swiss” is still going on the right path; Where a third of the customer accounts registered in Switzerland were transferred. He added that the cumulative cuts in costs amounted to 9.1 billion dollars, equivalent to 70 percent of the total expected cost savings.
He stressed that the bank is achieving its plans for the capital for the year 2025, and continues to achieve a double -number growth in its profits.
The bank had announced its profits for the first time since the Swiss government proposed in June more striking bases on the remaining large bank in the country.
UPS expressed his strong opposition to what he called a “significant increase” in the proposed capital requirements to cover the risks in its external operations, which may mean that it will need to keep about $ 24 billion in ordinary capital of the chip.
First (Cet1).
CEO Sergio Erli said that UPS is further strengthening his global capabilities, while “actively participates” in the discussion on future organizational regulations in Switzerland. The results of other major banks, such as “Bank of America”, “GB Morgan Chase”, “City Group” and “Morgan Stanley”, have also exceeded expectations in the second quarter; Where traders sought profits from market fluctuations.
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