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UBS 2Q results: Profit falls 23%, warns of credit losses on COVID-19 - Business Insider

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Swiss giant UBS saw profits slide 23% in the second quarter as it warns of credit losses ahead due to COVID-19

UBS posted a 23% quarterly drop in net income in the second quarter as coronavirus continues to hit Europe's banking sector.

Credit losses were $540 million for the first half of the year, and the bank warned of "elevated group credit loss expenses" in the second half of the year. The bank also reported credit losses of $272 million in the second quarter and $540 million for the first half of the year as it warned of further losses due to COVID-19. BANK OF AMERICA: Buy these 9 stocks poised to crush the market in any market environment as they spend heavily on innovation

 

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