UBS Net Rises 15%; Bank Settles German Tax Investigation
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UBS AG, Switzerland’s biggest bank, reported a 15 percent rise in second-quarter profit on lower costs, and said it settled a German tax investigation.
Net income rose to 792 million Swiss francs ($876 million) from 690 million francs a year earlier, the Zurich-based bank said today. While earnings beat analysts’ estimates, shares fell as much as 2.3 percent as UBS disclosed a U.S. probe into its dark pool private-trading venue and posted lower revenue.