UBS, Deutsche report higher profits

SINGAPORE, (July 27, 2010) – Global banks badly hit by the financial crisis a year ago are returning to credible profitability as the corporate reporting season gets underway.

Among them, UBS AS, Switzerland’s largest bank, said it reported net income of 2.01 billion Swiss francs for the quarter ended June 30, beating estimates by analysts and continuing a third consecutive quarter of profits. The Zurich based bank had reported a net loss of 1.4 billion francs a year ago. The latest results beat median estimate of 1.12 billion francs polled by Bloomberg News.

Chief Executive Oswald Gruebel said he was confident about the bank’s future as withdrawal from the bank’s wealth management business slowed.

Meanwhile, Deutsche Bank AG, Germany’s largest banking group also beat analysts forecasts by reporting net income of 1.16 billion euros, up from 1.09 billion euros a year ago and analysts’ forecast of 1.05 billion as polled by Bloomberg.