Profits of Swiss banks UBS, Credit Suisse rise thanks to improved investor confidence

BY  | FROM  | 2017-08-02 15:54

Swiss banking giants UBS and Credit Suisse on Friday both posted higher than expected profits for the second quarter of 2017 thanks to improved investor confidence.

UBS net profit for the half year climbed 14 percent at 1.17 billion Swiss francs (1.21 billion U.S. dollars).

Credit Suisse posted net income of 303 million francs (313 million dollars), above market forecasts and compared with profit a year earlier of 170 million francs, a net profit jumping 78 percent.

"Improved investor sentiment and enhanced confidence have translated into improvements in wealth management client activity levels," UBS said in a statement.

Chief executive 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."

He said the results demonstrate the value of UBS' diversified business model, allowing it to grow "profitably and sustainably" in a variety of market conditions.

Tidjane Thiam, chief executive officer of Credit Suisse, said, "We are now midway through the execution of our three-year strategic plan and our strategy is working."

He said the bank is making good progress by focusing on its global wealth management opportunities after it restructured.

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