UBS out-earned Apple and Walmart combined. Here's where its record profit ranks.

UBS will release its first earnings report since acquiring Credit Suisse, revealing the extent of damage to Credit Suisse's reputation, potential outflows of clients from UBS, decisions regarding the future of Credit Suisse's Swiss arm, expected job cuts, and a focus on restructuring rather than net profit.

Swiss banking giant UBS reported a second-quarter net profit of $28.88 billion, boosted by its acquisition of Credit Suisse and the reversal of net asset and deposit outflows, leading to a rally in its shares to 15-year highs, although Deutsche Bank suggests UBS may remain a "construction site" for some time.

The collapse of Silicon Valley Bank and the subsequent regional banking crisis has resulted in major economic and regulatory repercussions for banks worldwide; however, some major banks, such as UBS and JPMorgan, are emerging as clear winners with record-high profits after making strategic acquisitions.