UBS has increased its net income in the latest quarter more than 70% despite charges from the closure of a troubled U.S. mortgage unit, but it is warning that future results may be less favorable if the market's wider credit crunch continues."If the current turbulent conditions prevail throughout the quarter, UBS will probably see a very weak trading result in the investment bank, offset by predictable earnings from wealth and asset management," the company said. "This makes it likely that profits in the second half of 2007 will be lower than in the second half of last year." During the second quarter, net profit to shareholders at the company was up 72% compared with that of the previous quarter and 79% compared with that of a year earlier.

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