July 28, 2017 / 4:15 AM / 7 months ago

UBS Q2 profit beats forecasts, keeps cautious outlook

ZURICH, July 28 (Reuters) - UBS, Switzerland’s biggest bank, on Friday reported 1.174 billion Swiss francs ($1.21 billion) in second-quarter net profit, up 14 percent on a year earlier.

The median net profit forecast in a Reuters poll of six analysts was for net profit of 879 million francs.

In the three months to end-June UBS attracted net new money, a closely watched indicator of future earnings in private banking, of 13.7 billion francs at its wealth management division and posted net outflows of $6.4 billion at its U.S. brokerage unit. ($1 = 0.9690 Swiss francs) (Reporting by Brenna Hughes Neghaiwi and Joshua Franklin; Editing by Michael Shields)

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