UBS Q3 profits tumble

23 October, 2019 12:00 AM printer

ZURICH: 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), reports AFP.

“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.