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Banks: bigger bucks for UBS but not Barclays

Friday, July 28, 2017 - 01:34

Big banks across Europe have posted results, with BNP Paribas and Santander benefiting from restructuring and investment, and Barclays suffering from the sale of its Africa division. Laura Frykberg reports.

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A successful result for UBS in Q2. The Swiss bank reporting a more than 1.2 billion dollar net profit.. Up 14 percent on a year earlier. The key, its wealth management division... Attracting more than 13 billion dollars in the three months to June. (SOUNDBITE) (English) CHIEF ECONOMIC ADVISER, CEBR, VICKY PRYCE, SAYING: "The interesting thing is that the European economy is picking up and there is a lot of activity going on, and a number of the European banks have benefitted from it particularly on the investment banking side." Barclays results are more gloomy. The British bank reporting a 1.2 billion pound first half loss... after taking a major hit from the sale of its Africa business. A similarly dire result from Deutsche Bank on Thursday. Which forecast lower full-year revenue, and only a modest improvement in earnings. (SOUNDBITE) (English) CHIEF ECONOMIC ADVISER, CEBR, VICKY PRYCE, SAYING: "Deutsche Bank results are still quite poor. We've seen Barclays still struggling as well. And a number of banks have a lot of restructuring to take place and we're seeing that happening already." But that has helped others. BNP Paribas is a case in point. France's biggest listed bank posting a smaller than expected drop in second-quarter net income... After overhauling its business and chopping costs. Spain's Santander benefiting from restructuring too. Posting a 37 percent increase in second-quarter net profit from a year earlier... Following its consolidation of Banco Popular last month.

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Banks: bigger bucks for UBS but not Barclays

Friday, July 28, 2017 - 01:34