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ZURICH, July 23 (Reuters) – UBS beat its forecast on Tuesday with a net profit of $ 1.4 billion for the second quarter of 2019, due to earnings above expectations in corporate banking and gains in its consulting business , which mitigated the decline of investment banking activities.
The 1% increase means that the profits of Switzerland's largest bank exceeded the median net profit estimate in its own consensus survey, down 24.9% to $ 1.038 billion.
"In the second quarter, we achieved the highest net income in the second quarter since 2010 and an improvement over the second quarter of 2018, which was already strong," said CEO Sergio Ermotti in a statement. (Report by Brenna Hughes Neghaiwi, edited by John Revill)
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