UBS Q3 Profits Tumble On Trade Disputes, Low Rates

Mohammad Ali (@ChaudhryMAli88) Published October 22, 2019 | 03:28 PM

Top Swiss bank UBS posted a 16 percent fall in third quarter net profits Tuesday on lower investment banking earnings, citing a "challenging environment" of trade disputes and low rates

Zurich, (UrduPoint / Pakistan Point News - 22nd Oct, 2019 ):Top Swiss bank UBS posted a 16 percent fall in third quarter net profits Tuesday on lower investment banking earnings, citing a "challenging environment" of trade disputes and low rates.

"We delivered solid results generating attractive returns, considering the market conditions," said chief executive officer Sergio Ermotti in unveiling Q3 profits of $1.049 billion (940 million euros).

"We are balancing investments for growth while managing for efficiency," Ermotti added in a statement, after the bank posted a 4.6 percent fall in operating income to $7.

09 billion, a fourth straight drop.

Though profits came in ahead of analysts' average forecast of $953 million, revenue was slightly lower than expectations of $7.1 billion.

Investment bank adjusted pretax profit slumped 59 percent to $203 million, not helped by falling advice fee volumes from mergers and acquisitions.

Global wealth management, by far UBS' biggest unit in terms of revenueand profit, brought adjusted pretax profit of $919 million, down two percent yearon year, before taking restructuring costs into account.