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"The results are above expectations – especially in pre-tax net income – in particular, investment banking adapted to asset management has been the driving force behind this growth," says Rainer Skierka of Research Partners.
The bank's restructuring initiated in 2012 to reduce risk and manage assets appears to be paying off, while UBS is one of the world's leading asset managers.
But despite steady gains, the bank faces another problem.
Investor pressure
Under investor pressure, CEO Sergio Ermotti announced earlier this year. year it would buy back its own shares for a maximum amount of 2 billion Swiss francs over the next three years.Adjust the financial targets for this year.As expected, shares worth 550 million francs were purchased in the second quarter.
This had not yet fueled the course of action, since since the beginning of the year, bank stocks had lost about 15%. However, the surprisingly good balance still rose slightly – the UBS stock rose 2% this morning to nearly 16 francs. If the price increases in the long run remains to be seen. Bank analyst Skierka sees good quarterly results as the beginning: "The UBS strategy is boring with success. But the bank is on the right track and the right key figures – particularly the cost-income ratio – should give a positive vote to investors. "
The reason for this small share is the lack of imagination at UBS:" What's missing, it's a "trigger", but it's difficult with the size of the bank " says Skierka. In addition, it should also be remembered that UBS operates in a healthy manner while operating within a strict regulatory framework.
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