ZURICH - UBS, the world's largest wealth manager, saw net profit drop 11 per cent 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 US$1.23 billion beat analyst expectations for earnings of US$973 million in the bank's own consensus summary of 21 analysts. But a 2 per cent fall in second-quarter operating income, including US$272 million in expectations for credit losses, fell short of the exuberant results posted by trading powerhouses in the United States, which benefited more squarely from a spike in market activity.
While trading levels remained high in the second quarter, a drop in asset valuations during a market rout in March - which set the bank up for lower recurring fees, particularly with its US wealth management clients - saw the bank's core wealth management division post more modest growth from April through June.
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