UBS shows 28%profit for quarter

UBS, the world’s biggest money manager for the rich, said second-quarter profit rose 28% on private banking fees.

Revenue may decline in the second half as “directionless” stock markets curb investment-banking business. Net income in the quarter rose to 1.97 billion Swiss francs (€1.28 billion), or 1.78 francs a share, from 1.54 billion francs, or 1.33 francs, a year ago, Zurich-based UBS said in a statement.