Swiss banking giant UBS saw its net profit fall 23% in the second quarter as the COVID-19 took its toll and the bank warned of further credit losses due to the pandemic.
Link to news report hereNet income fell from just shy of $1.6 billion in the first quarter, to $1.23 billion in the second, 23%. On a year-on-year basis, profits fell 11% from the $1.39 billion income seen in the second quarter of 2019.
The bank also reported credit losses of $272 million in the second quarter and $540 million for the first half of the year as it warned of further losses due to COVID-19.
Broker Report: UBS, page-33
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