UBS has reported a second-quarter profit of $28.88 billion, its first quarterly earnings since completing its takeover of Credit Suisse. Analysts had expected a net profit of $12.8 billion. The result was largely driven by $28.93 billion in negative goodwill on the acquisition. Underlying profit before tax came in at $1.1 billion. UBS paid a discounted $3.4 billion to acquire Credit Suisse in March. UBS CEO Sergio Ermotti said the bank is focused on delivering value, reducing costs, and regaining clients' trust. The merger of Credit Suisse's domestic banking unit with UBS is set to be completed by 2024.

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