UBS slams expectations with 53% profit rise after Swiss weekly leaks figures

Swiss lender UBS has trumped all expectations with a 53% jump in net profit over the quarter to 30 June 2015.

Analysts largely expected the bank to report low single digit profit growth, but UBS announced on 27 July that profit attributed to shareholders rose to CHF1.2bn (£881m, €1.13bn, $1.26bn)

"I am pleased with the quarter," chief executive Sergio Ermotti stated. "We maintained our momentum despite ongoing market challenges, and establishing UBS Switzerland AG was another major milestone in enhancing resolvability."

The figures were leaked by Swiss Sunday newspaper Sonntagszeitung on 26 July, which forced the banking giant to publish its second quarter results a day early. The report said a UBS insider gave them the results.

Despite a slight decrease in the lender's assets compared to the same period in 2014, second quarter profits in its wealth management division were at its highest since 2009.

The majority of the bank's income came from its Swiss arm and the better-than-expected results come only four days after the bank's rival Credit Suisse reported an impressive CHF1.05bn profit after a first quarter loss.

Credit Suisse also outperformed expectations of CHF700m-CHF800m pre-tax profit under new CEO Tidjane Thiam.