Q2 revenue 11.904 bln usd vs 9.540 bln (Il Sole 24 Ore Radiocor) - Bern, 14 Aug - Swiss lender UBS said its second quarter net profit came in at 1.136 billion dollars down from 27.331 billion a year ago that included 27.264 billion of negative goodwill related to the acquisition of the Credit Suisse Group.

Excluding the impacts of negative goodwill in the prior-year quarter, operating profit before tax increased by 1.038 billion, reflecting an increase in total revenues and lower net credit loss expenses, partly offset by higher operating expenses.

Total revenue increased by 25% to 11.904 billion dollars from 9.540 billion, and included an increase of 429 million in accretion impacts resulting from purchase price allocation adjustments on financial instruments and other PPA effects.

The increase in total revenues was mainly driven by a 27% annual rise in net fee and commission income and a 994 million dollar increase in total combined net interest income and other net income from financial instruments measured at fair value through profit or loss, partly offset by a 35 million decrease in other income.

Operating expenses increased by 22% and included integration-related expenses of 1.344 billion dollars. In the third quarter, the group sees 1.1 billion dollars of integrated-related expenses.

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(RADIOCOR) 14-08-24 08:01:29 (0088) 5 NNNN