Swiss lender UBS saw its profits soar over 50 percent in the second quarter compared to last year, after the bank reported earnings a day early following leaked figures which were reported by local Swiss media over the weekend.
The bank reported net profit of 1.2 billion Swiss francs ($1.25 billion) in the three months to March this year, up 53 percent year-on-year and beating analyst expectations as it cited positive contributions from all divisions and regions.
The Zurich based bank had been scheduled to report its latest earnings on Tuesday, but released figures a day early after Swiss weekly newspaper Sonntagszeitung reported UBS would post a net profit increase of 25 percent year-on-year, with around 1.5 billion francs in earnings in the second quarter.
"We wanted to bring some transparency and also address some incorrect and misleading information that was reported yesterday in the Swiss media," UBS CEO Sergio Ermotti told CNBC Monday.
"So since we were prepared to go ahead, we thought it was in the best interest of all stake holders to get this information out today."