UBS reports 63% jump in net profit to $2 billion, helped by ‘favorable’ market conditions

Swiss banking giant UBS has beaten second-quarter earnings expectations, reporting net profit attributable to shareholders of $2 billion.

This is up from $1.23 billion reported for the same period last year, and significantly above analysts expectations of $1.34 billion, according to Refinitiv data.

This is a developing story and will be updated shortly.