(fxcue news) - Shares of UBS Group AG were gaining around 3 percent in the morning trading in Switzerland as well as in pre-market activity on the NYSE after the Swiss banking major reported Wednesday significant growth in second-quarter underlying profit before tax as revenues were benefited mainly by the consolidation of Credit Suisse revenues for the full quarter. Meanwhile, net profit and pre-tax profit plunged from last year. Looking ahead, the company said it sees positive investor sentiment and continued momentum in client and transactional activity in the third quarter. The company expects to incur around $1.1 billion of integration related expenses in the third quarter, while the pace of gross cost savings will decline modestly sequentially. According to the bank, the macroeconomic outlook continues to be clouded by ongoing conflicts, other geopolitical tensions and the upcoming US elections. These uncertainties are expected to persist for the foreseeable future, and they will likely lead to higher market volatility compared with the first half of the year. Sergio Ermotti, Group CEO, said, "We are well positioned to meet our financial targets and return to the levels of profitability we delivered before being asked to step in and stabilize Credit Suisse. We are now entering the next phase of our integration, which will be critical to realize further substantial cost, capital, funding and tax benefits." UBS completed the merger of UBS AG and Credit Suisse AG on May 31, the transition to a single US intermediate holding company on June 7, and the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG on July 1. The company further said it now expects to achieve around $7 billion of gross cost savings by end-2024, or around 55 percent of its ambition of around $13 billion by end-2026. In its second quarter, net profit attributable to shareholders fell 96 percent to $1.14 billion from last year's $27.33 billion. Earnings per share were $0.34, down from last year's $8.51. The prior year's result included negative goodwill of $27.26 billion. Profit before tax was $1.47 billion, down 95 percent from last year's $27.70 billion. The latest results included PPA effects and other integration items of $780 million and integration-related expenses and PPA effects of $1.37 billion. Underlying profit before tax was $2.06 billion, compared to $891 million a year earlier, reflecting client franchise strength and disciplined execution of its strategy and integration plans. Total revenues climbed 25 percent to $11.90 billion from $9.54 billion last year, largely driven by the consolidation of Credit Suisse revenues. Net interest income, meanwhile, declined 10 percent from the prior year to $1.54 billion. Net fee and commission income grew 27 percent from last year to $6.53 billion. Underlying revenues were $11.1 billion, compared to $9.16 billion last year. Global Wealth Management or GWM total revenues increased 15 percent year-over-year to $6.05 billion, and the growth was 27 percent in Personal & Corporate Banking or P&C's total revenues to 2.06 billion Swiss francs, and 32 percent in Asset Management or AM revenues to $768 million. Investment Bank or IB total revenues also climbed 38 percent to $2.80 billion, due to higher Global Banking and Global Markets revenues. In Switzerland, UBS Group shares were trading at 25.90 francs, up 3.1 percent. In pre-market activity on the NYSE, the shares were at $29.99, a growth of 2.5 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.