UBS said the huge net profit during Q2 is partially due to continued momentum in flows and volume growth.UBS Group AG (NYSE: UBS) stock saw a gain of as much as 3.7% and traded as high as .05 during today’s pre-market. And now as the market is ioned, the stock is 2.85% up. The gains negated yesterday’s 2.22% loss that saw UBS shares close the day trading at .54. Today’s spike on the largest private bank was attributed to second-quarter earnings that beat analysts’ expectations. According to media outlet CNBC, UBS reported a net profit of billion, 63% higher than last year’s Q2, versus analysts’ expectations of .34 billion according to Refinitiv.The investment firm attributed its notable success to favorable market conditions and investor sentiment. Additionally, UBS said the
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UBS said the huge net profit during Q2 is partially due to continued momentum in flows and volume growth.
UBS Group AG (NYSE: UBS) stock saw a gain of as much as 3.7% and traded as high as $15.05 during today’s pre-market. And now as the market is ioned, the stock is 2.85% up. The gains negated yesterday’s 2.22% loss that saw UBS shares close the day trading at $14.54. Today’s spike on the largest private bank was attributed to second-quarter earnings that beat analysts’ expectations. According to media outlet CNBC, UBS reported a net profit of $2 billion, 63% higher than last year’s Q2, versus analysts’ expectations of $1.34 billion according to Refinitiv.
The investment firm attributed its notable success to favorable market conditions and investor sentiment. Additionally, UBS said the huge net profit during Q2 is partially due to continued momentum in flows and volume growth.
During the last three months of the first half of 2021, UBS recorded an operating income of $8.98 billion in comparison to $7.4 billion last year. Additionally, the return on tangible equity stood at 15.4% versus 9.7% recorded during the same time last year.
UBS Q2 Earnings and Stock Market Outlook
This year, UBS measure of bank solvency hit 14.5% in comparison to 13.3% recorded during the second quarter of 2020. The notable growth has been attributed to more money flowing to the savings accounts during the coronavirus pandemic. Moreover, most of the upper class of wealthy people in the society saw their wealth rise during the coronavirus outbreak.
“Our growth in the second quarter was underpinned by the relationships we have built and strengthened throughout the pandemic and by the trust our clients placed in our people and in our firm. All business divisions and all regions contributed to our results,” UBS CEO Ralph Hamers said in a statement.
“Momentum is on our side and our strategic choices and initiatives are paying off. And we are eager to make the most of the future.”
During the second quarter, UBS flagship Global Wealth Management division recorded the largest profit of up to 47% before tax to $1.3 billion. Hamers told CNBC that a notable momentum helped the company record one of its best quarters.
With a market capitalization of $50 billion, UBS stock market has risen approximately 18%, and 2.90% in the past year and seven months respectively through Monday. However, during the past three months, one month and five days, UBS stock has dropped approximately 6.62%, 5.71%, and 3.38% respectively.
A study conducted by MarketWatch indicates UBS stock received an average of Over rating from 22 ratings.
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