Pre-tax profits at UBS' investment bank surged 45% to a record Sfr3.5bn (€2.2bn) in the first six months as it joined its European rivals in capitalising on booming trading and higher advisory and underwriting revenues this year.

Equity trading reclaimed its accolade as the main source of revenues, after outstripping growth elsewhere at the investment bank and surging two-thirds from Sfr3.1bn a year ago to more than Sfr5.1bn However, second-quarter revenues were down from the first three months of the year.