Investment banking buoys Q2 profits at Swiss bank UBS

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GENEVA (AP) — Swiss bank UBS has posted a solid 9 percent increase in second quarter profits on the back of soaring gains in investment bank income and strong growth in its key global wealth management business.

The Zurich-based bank said Tuesday that "ongoing geopolitical tensions and rising protectionism" dampened investor confidence but that economic growth prospects were underpinning markets.

Overall, it said net income attributable to shareholders rose to 1.28 billion Swiss francs ($1.29 billion) in the quarter, up from 1.17 billion a year earlier.

Adjusted pre-tax profit in global wealth management rose 7 percent to 1.08 billion francs on rising fee and interest income even as client activity dipped in the U.S. and Asia.

Meanwhile, adjusted pre-tax profit in the investment bank division soared 44 percent to 605 million francs.

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