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 | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |