Swiss bank UBS reports 53% increase in net profitsJuly 27, 2015 - 15:40 AMT PanARMENIAN.Net - Swiss bank UBS has reported a 53% increase in net profits for its second quarter compared to the previous year, according to BBC News. UBS said in a statement that second quarter adjusted profit before tax was 1.6bn Swiss francs ($1.7bn). Net profit attributable to UBS Group AG shareholders was quoted as 1.2bn francs, up 53% from 2014. The bank released the results a day earlier than expected, after a Swiss newspaper reported on the figures on Sunday, July 26. UBS chief executive Sergio Ermotti said the bank "maintained its momentum despite ongoing market challenges". In its outlook, the bank cautioned that seasonal impacts were likely to affect revenues and profits in the third quarter, pointing to "underlying macroeconomic challenges and geopolitical issues unlikely to be resolved in the foreseeable future". The bank's main rival in Switzerland, Credit Suisse, last week announced a second quarter net profit of 1.1bn francs, also beating expectations. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |