The Zurich-based private bank has posted positive results for the first half of 2023. It maintains it has benefited from the emergency merger between UBS and Credit Suisse.
The bank said on Monday it had boosted net profits by 18% over the past year, to CHF531.4 million ($613.5 million). This was largely thanks to a rise in interest rates, it said.
However, the bank also exceeded expectations when it came to net fund inflows, which came to CHF7.1 billion over the year. Total assets under management at the end of June 2023 came to CHF441 billion, up 4% compared to December 2022.
The figures mark a shift compared to the meager 1% rise in assets announced in May, which led to the bank’s stock price slumping.