Second-quarter profit of UBS AG, the biggest money manager for the rich in the world, rose 28 percent on private banking fees. Still, its revenue may decline in the second half as stock markets limit investment-banking business.

 

    Its net income in the second quarter rose from 1.54 billion francs, or 1.33 francs a share, a year ago to 1.97 billion Swiss francs ($1.57 billion), or 1.78 francs a share, revenue fell 8 percent from the first quarter to 9.48 billion francs and may drop in the second half from the first.

Shares of UBS rose 2 centimes, or 0.3 percent, to 81.8 francs as of 2:38 p.m. in Zurich. Profit beat the 1.89 billion-franc median estimate of 13 analysts surveyed by Bloomberg. The stock has shed 3.5 percent this year, compared with a 2.6 percent drop on the 80-member Bloomberg Europe Banks and Financial Services Index.

 

    The result ``was about the best one could expect,’’ said Dieter Buchholz, a fund manager at Zurich-based BNP Paribas Private Bank, which oversees $2.9 billion including UBS shares. He considers it to be real success.