we are joined by ubs senior economic adviser, george magnus.rancine: france's second-biggest bank has posted its second -- its second -- its biggest profit since 2007. manus: she spoke exclusively to the banks ceo. this performance driven by trading. the capital is building as well. investors like the story of the decision this morning. the shares are opening 9%. they like they say it -- they like the story of cost saving. nextillion euros for the two years. of capitalhe raising targets. their ratio came out for the second quarter. from 10.1% last quarter. they are planning to raise this target to 11% by the end of 2016. i sat down exclusively with the ceo and asked 10 how he could explain his performance in the second quarter. >> we actually have a strong set of results across the board. close to 9% organically. we also have lower cost of risk. underlying profitability of 10.3%. >> france and europe, would you say the recovery is still fragile? >> i would say it is more progressive. -- europe [indiscernible] a low euro versus the dollar. low i