Swiss bank UBS reports 2Q net profit jump

Staff Writer
Columbus CEO

GENEVA (AP) — Swiss banking giant UBS AG has reported a 15 percent jump in second-quarter net profit from a year ago, driven by strong results from its core wealth management and trimmed-down investment banking franchises despite a tough market environment.

Switzerland's biggest bank says its net profit for the April-June period rose to 792 million Swiss francs ($876 million), up from 690 million francs in the comparable period from 2013.

The Zurich-based bank also said Tuesday that it had settled an investigation in Germany of the bank's aid to German clients suspected of evading taxes and made a payment of about 300 million ($403 million) to settle the charges.