July 23, 2019 / 4:57 AM / 4 months ago

UBS posts surprise Q2 profit boost

ZURICH, July 23 (Reuters) - UBS on Tuesday beat forecasts with a $1.4 billion net profit for its second quarter of 2019, due to better-than-expected gains in corporate banking and gains in its advisory business which softened an investment banking fall.

The 1% rise meant Switzerland's biggest bank's earnings exceeded the median net profit estimate in the bank's own consensus poll for a 24.9% slide to $1.038 billion.

"In the second quarter we achieved the highest second-quarter net profit since 2010 and an improvement on an already strong second-quarter 2018," Chief Executive Sergio Ermotti said in a statement. (Reporting by Brenna Hughes Neghaiwi, editing by John Revill)

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