Swiss Bank UBS Q2 2010 Profits $1.91 Billion US Dollars

London England – Tuesday, July 27, 2010 – ShutterVoice – Today is a good day for banks as UBS the Swiss banker post 2010 second quarter profits of $1.91 Billion US Dollars – 2.01 Billion Swiss francs. Equity trading has been strong and withdrawals in the private banking sector continue to slow. Revenues were up 59 per cent and along with the profits the bank is recovering well from huge losses they incurred in 2009.UBS has presence in more than 50 countries in the world. The bank results will be well received by the markets as German Deutsche Bank have already published increased profits in Q2 2010.

With both Germany and now Switzerland reporting increased sales and a return to profits, the chances of a sustained recovery through out Europe look strong. However one has to take into consideration that some of the profits that the financial companies acquire will have to be loaned to the countries in deep trouble Greece, Portugal and Spain as the only way they can recover is by receiving more loans to prop up their balance sheets while they are still recording trading losses.

‘Switzerland and Germany recovering well, but Greece, Portugal and Spain still need financial support!’