By Daniel Hunter

Swiss banking giant UBS has reported a 53% rise in second quarter profits.

UBS' profits were 1.6bn Swiss francs (£1.1bn, $1.7bn) in the second three months of the year.

UBS chief executive Sergio Ermotti said the bank "maintained its momentum despite ongoing market challenges".

The figures were released a day early after they were leaked by a Swiss newspaper on Sunday.

The bank said that"underlying macroeconomic challenges and geopolitical issues unlikely to be resolved in the foreseeable future" were likely to hit its revenues and profits in the third quarter.