Switzerland's largest bank UBS reported on Tuesday a second-quarter net profit of 5.62 billion Swiss francs (about 4.67 billion U.S. dollars), up 79 percent on the same period last year.

Despite the strong result, which beat analysts' expectations, the Zurich-based bank warned that profits in the second half of the year were likely to be lower than a year ago because of market turmoil, Swiss Radio International reported.

Over the first six months of the year UBS accumulated a net profit of 8.9 billion Swiss francs (about 7.4 billion U.S. dollars)- a record for the bank.

The result followed the closure of its hedge fund Dillon Read Capital Management in May and paybacks to outside investors.

The world's largest wealth manager had recorded a net profit of3.28 billion Swiss francs (about 2.7 billion U.S. dollars) in the first quarter of 2007.

UBS warned that the upheaval in financial markets was likely to take a toll on results in the second half of the year.

"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 an asset management," the bank said in a statement.