UBS Q2 profit jumps 63%

ZURICH, July 20 (Reuters) - Swiss bank UBS on Tuesday posted a 62.8% rise in second-quarter net profit, as buoyant markets continued to help the world’s largest wealth manager generate higher earnings off of managing money for the rich.

Second-quarter net profit of $2.006 billion far outpaced average expectations for $1.343 billion in a poll of 20 analysts compiled by the bank.

“Our growth in the second quarter was underpinned by the relationships we have built and strengthened throughout the pandemic,” Chief Executive Ralph Hamers said in a statement, adding all business divisions and regions had contributed to the rise.

“Momentum is on our side and our strategic choices and initiatives are paying off.” (Reporting by Brenna Hughes Neghaiwi; Editing by Kenneth Maxwell)