ZURICH, Aug 31, 2023 (BSS/AFP) - UBS posted a towering $29-billion net profit in the second quarter amid its takeover of fallen rival Credit Suisse, which saw over $10 billion in losses, an earnings statement showed Thursday.

UBS, Switzerland's largest bank, also said it expected to secure more than $10 billion in cost reductions by the end of 2026 from integrating Credit Suisse.