Record underwriting fees due to increasing demand for equity issuance and a strong performance from fixed income, rates and currencies lifted profits at UBS's investment banking and securities business by 14%.

Pre-tax profits in investment banking rose to Sfr1.07bn (€691m) in the second quarter of 2003, 14% higher than the same period last year and 19% higher than first quarter 2003. Income was Sfr3.9bn up 1% from second quarter 2002 and 16% from first quarter 2003.