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UBS Beats Quarterly Earnings Expectations, Warns on Outlook

Swiss lender UBS (UBS) comfortably beat earnings expectations in the second quarter but warned of tough market conditions ahead.

UBS said net profit slipped to Sfr1.03 billion ($1.05 billion) from Sfr1.2 billion a year earlier. The result easily beat the Sfr668 million average forecast of analysts polled by Bloomberg.

In the earnings bulletin, the bank made no mention of a surprise rescue proposal that struggling Italian lender Monte dei Paschi di Siena said it had received from the Swiss institution and one-time Intesa Sanpaolo...