UBS second-quarter net profit dips as Swiss business dampens trading bonanza

), the world’s largest wealth manager, saw net profit drop 11% in the second quarter as higher trading activity failed to offset a pandemic-induced slump in retail and corporate banking.

The decline in net profit to $1.23 billion beat analyst expectations for earnings of $973 million in the bank’s own consensus summary of 21 analysts. In the first quarter, trading activity amongst UBS’s wealthy clients had more than offset the risk of increased defaults, helping the bank to a 40% net profit rise.

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