0656 GMT - UBS Group's better-than-expected underlying earnings for the second quarter are mainly due to the outperformance of its equities-trading activities within its investment bank, Vontobel's Andreas Venditti says in a research note. Underlying pretax profit at the Swiss banking group was $3.9 billion, up 70% on year and 10% above consensus expectations. At the investment bank, higher revenue from prime brokerage, cash equities and equity derivatives contributed to very strong profit growth, the analyst says. Elsewhere, the combined underlying earnings from UBS's three other divisions--wealth management, personal and corporate banking, and asset management--are only 2% above consensus, he adds.
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