UBS Logs Higher Profit Despite Settling U.S. Mortgage Lawsuit

UBS reported higher second quarter profit for 2013 despite concluding an in-principle agreement with U.S. housing agencies to settle mortgage claims. Enthused by Switzerland’s largest bank posting a higher second quarter profit, its stock jumped 4.2 percent in Zurich to a two-year high. UBS indicated its strong results reinforce significant progress made by the bank in executing its strategy despite concluding an agreement with FHFA. UBS settlement with FHFA The bank has indicated that it has reached an in-principle agreement with the Federal Housing Finance Agency (FHFA) to settle claims relating to U.S. residential mortgage-backed securities offerings between 2004 and…