Swiss wealth manager UBS has reported a net profit of CHF1.17bn for the second quarter of 2017, an increase of 14% from CHF1.03bn in the corresponding quarter of 2016.

Both adjusted pre-tax profit and reported pre-tax profit remained broadly unchanged at CHF1.67bn and CHF1.50bn, respectively.

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The group’s operating income decreased 2% to CHF7.27bn from CHF 7.4bn a year ago, while operating expenses dropped 2% year-on-year to CHF5.76bn.

Wealth Management

The group’s Wealth Management arm delivered an adjusted profit before tax of CHF691m, a 14% rise compared to the previous year. The unit’s negative net new money was CHF13.7bn.

The global wealth management business of the group reported a year-on-year increase of 15% in adjusted profit before tax to CHF1.01bn. Net new money was CHF 7.5bn in the quarter.

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Wealth Management Americas recorded adjusted profit before tax of $330m, a 17% surge compared to the previous year. Net new money was negative $6.4bn.

UBS group CEO Sergio Ermotti said: “Considering market conditions, the second quarter results were very good and contributed to a strong first half of the year. Our global wealth management business in particular delivered an excellent performance. The results once again demonstrate the value of our diversified business model, allowing us to grow profitably and sustainably over the cycle and in a variety of market conditions.”