UBS net profit was announced at  CHF1.28bn for the second quarter of 2018, an increase of 9% compared to CHF1.17bn reported a year ago.

Compared to the previous year, the group’s adjusted pre-tax profit rose 8% to CHF1.81bn and reported pre-tax profit increased 12% to CHF1.67bn.

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The group’s total operating income increased 4% to CHF7.55bn from CHF7.27bn last year, while total operating expenses was up 2% year-on-year to CHF5.87bn.

The group’s global wealth management business posted adjusted profit before tax of CHF1.08bn for the second quarter of 2018, a 7% rise from CHF1.01bn in the same period last year.  Net new money outflows were CHF1.2bn during the quarter.

“Net new money outflows of CHF1.2bn for the quarter included higher seasonal tax-related outflows in the US of approximately CHF4.6bn and a single outflow of around CHF4.4bn in the Americas from a corporate employee share programme,” the bank said in its earnings statement.

Adjusted profit before tax at the group’s asset management business dropped 5% to CHF126m from CHF133m a year earlier. Net new money excluding money market flows was CHF0.9bn.

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The group’s CET1 capital ratio and CET1 leverage ratio were 13.4% and 3.75%, respectively, at the end of June 2018.

UBS group CEO Sergio Ermotti said: “I’m pleased with the second quarter, which contributed to a strong first half, with particularly good capital generation. We’ll keep our focus on growth and efficiency, and continue to build on the strengths of our global franchise.”