London
15 °C
Manchester
13 °C
Glasgow
Dublin
11 °C
Belfast
11 °C
Washington
Denver
Atlanta
Dallas
33 °C
Houston Texas
New Orleans
El Paso
Phoenix
40 °C
Los Angeles
13 °C
26 °C
13 °C
UBS net profit down in Q3 as revenues fall / Photo: © AFP
UBS net profit down in Q3 as revenues fall
Swiss banking giant UBS on Tuesday reported a fall in net profits in the third quarter, though still better than expected against a backdrop of falling revenues at the investment bank.
Profits at Switzerland's largest bank were down 24 percent to $1.7 billion from July to the end of September.
The firm also saw its income fall by 10 percent to $8.2 billion in the same period, in a global economic and political environment that the group's chief executive Ralph Hamers described as "increasingly complex".
"Clients remain concerned about persistently high inflation, elevated energy prices, the war in Ukraine and residual effects of the pandemic," Hamers said in a statement.
He said the energy crisis was also having an impact, including on their retail and small business clients in Switzerland.
"The impact of all this has been far-reaching –- affecting asset levels, market volatility, rates and investor sentiment across the globe."
The figures nonetheless exceeded expectations, with analysts predicting a net profit of around $1.4 billion and revenues of $7.9 billion.
The bank's revenues have dipped recently due to a fall in its mergers and acquisitions and a drop in income from market activity.
Income from its core wealth management operations also retreated year-on-year.
Large US retail banks have seen their profits fall in the last quarter amid a reduction in merger and acquisitions, stock market entries and fundraising.
L. Brown--BTZ
