Swiss giant UBS saw profits slide 23% in the second quarter as it warns of credit losses ahead due to COVID-19

• UBS posted a 23% quarterly drop in net income in the second quarter as coronavirus continues to hit Europe's banking sector.
• Net income fell from just shy of $1.6 billion in the first quarter, to $1.23 billion in the second, it said.
• On a year-on-year basis, profits fell 11% from the $1.39 billion income seen in the second quarter of 2019.
• Credit losses were $540 million for the first half of the year, and the bank warned of "elevated group credit loss expenses" in the second half of the year. 
• UBS said it was reviewing its cash dividends and share repurchases due to COVID-19, adding it may resume it share repurchases in Q4. 
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Swiss banking giant UBS saw its net profit fall 23% in the second quarter as the COVID-19 took its toll and the bank warned of further credit losses due to the pandemic. 

Net income fell from just shy of $1.6 billion in the first quarter, to $1.23 billion in the second, 23% lower. On a year-on-year basis, profits fell 11% from the $1.39 billion income seen in the second quarter of 2019.

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