ZURICH - Union Bank of Switzerland said its first-half group net profit rose 89%, to $840.0 million, from the corresponding period of 1992. Analysts had expected an increase of 35% to 50%.

Cash flow rose 58% to $1.5 billion, while assets increased 9% to $189.6 billion.

Provisions, value adjustments, and depreciation remained high at $698 million, up nearly a third from the year-earlier level, with the bank blaming "doubtful debts and country risks."

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