Pre-tax profits reached $3.6 billion in the three-month period, up 64% year-on-year. watch nowSpeaking with CNBC's "Squawk Box Europe," Ermotti highlighted strong momentum across the business during the second quarter, with a "very good" pipeline in investment banking, M&A and capital markets, and positive results across leveraged capital markets, debt capital markets, and equities. He also flagged a "vibrant" IPO market, with UBS involved in a number of deals, including SpaceX's landmark debut. UBS shares were 2.5% higher in morning trade. Ermotti acknowledged geopolitical fissures remain a pressure point for markets, but shrugged off potential growing market fatigue around the AI narrative.