UBS AG reported Tuesday an increase in second-quarter net profit of 79 percent compared to the same period last year after selling a stake in Julius Baer Holding AG. Net income at Switzerland's largest bank rose to 5.6 billion Swiss francs (US¤4.7 billion; ¤3.4 billion) in the three months through June, from 3.15 billion francs in the year-earlier period. UBS said results were boosted by the sale of its 20.7 percent stake in Julius Baer at a net profit of 1.9 billion francs (US$1.6 billion; ¤1.2 billion) after tax, but that it suffered a loss of 229 million francs (US$190 million; ¤140 million) due to the closure of its hedge fund business Dillon Read Capital Management. The bank said without those extraordinary items, net profits from ongoing operations were 3.5 billion francs (US$2.9 billion; ¤2.1 billion), a 14 percent increase on net profit compared with the period in 2006. UBS said second-quarter sales grew by 30 percent to 15.65 billion francs (US$13 billion; ¤9.5 billion) from 12.1 billion last year, the Associated Press reported.