Profits at Swiss private bank UBS rose by more than expected in the second quarter of 2025.

Despite volatile markets, profits at Swiss private bank UBS increased by more than anticipated to $2.4 billion in the second quarter of 2025, supported by its global wealth management division and trading revenues.

Wealth management attracted $23 billion in net new assets, and the markets business had a record quarter of $23 billion, a rise of 25 per cent year-on-year, the bank said in a statement.

“Investor sentiment remains broadly constructive, tempered by persistent macroeconomic and geopolitical uncertainties,” UBS continued. “Against this backdrop, our client conversations and deal pipelines indicate a high level of readiness among investors and corporates to deploy capital, as conviction around the macro outlook strengthens.”

The bank’s revenues over the period reached $12.112 billion, just below analyst expectations of $12.45 billion. Return on tangible equity was 11.8 per cent, compared with 8.5 per cent in the March quarter.

The bank’s global markets unit of its investment banking arm was up 25 per cent to $2.3 billion in revenues. The global wealth management division saw transaction-based income up 12 per cent in the three months to the end of June.

In its earnings release, UBS said the third quarter kicked off with strong market performance in risk assets, particularly international equities, combined with a weak US dollar.

The bank’s net interest income (NII) was $1.965 billion, and in the third quarter, UBS expects broadly stable NII at its global wealth management and corporate bank divisions in Swiss francs, while in US dollar terms, this translates to a low single-digit percentage increase.