July 21, 2020 / 4:54 AM / 19 days ago

UBS Q2 net profit drops 11%

ZURICH, July 21 (Reuters) - UBS, 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.

"As we continue to face a challenging environment, we are adapting and accelerating the pace of change, supporting our clients, employees, and the economies in which we operate, while remaining focused on our strategic priorities," Chief Executive Sergio Ermotti said in a statement.

The decline in net profit to $1.232 billion beat analyst expectations for earnings of $973 million in the bank's own consensus summary of 21 analysts. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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