UBS posts $1.9 billion in second quarter net profit

ZURICH: Swiss banking giant UBS on Tuesday posted a net profit of 2.0 billion francs (1.5 billion euros, 1.9 billion dollars) for the second quarter, beating analysts' expectations.

Analysts polled by the economics news agency AWP had predicted a profit of 1.1 billion francs between April to June this year.

The bank's earnings marked a turnaround from a loss of 1.4 billion francs reported during the same period last year, and marked its third consecutive profitable quarter after colossal losses incurred during the financial and economic crises.