Abstract:Swiss bank UBS posted on Tuesday a smaller-than-expected 5% rise in net profit for the second quarter as revenues at its investment bank fell 14%.
Swiss bank UBS posted on Tuesday a smaller-than-expected rise in second-quarter net profit as its investment banking and wealth management businesses struggled in tough market conditions.
Profit in the three months ended June rose 5% to $2.1 billion. That compared with $2.0 billion a year earlier and lagged expectations for a 19.8% rise to $2.4 billion in a poll of 19 analysts compiled by the bank.
UBS kicks off a round of earnings by major banks across Europe, where analysts are watching for signs that a weaker economy, higher interest rates and the war in Ukraine are weighing on their operations and outlooks.
“The second quarter was one of the most challenging periods for investors in the last 10 years,” Chief Executive Ralph Hamers said in a statement. He said the operating environment in the second half of the year “remains uncertain”.
UBS performance comes after some U.S. rivals earned overall less money in the quarter due to drops in deal making and the selling of investment products. JPMorgan Chase & Co and Morgan Stanley both reported that investment banking revenues more than halved.
Earnings at the Zurich-based bank were helped by the sale of a real estate joint venture in Japan that yielded a one-off gain of more than $800 million.
UBS investment banking business saw revenue fall 14% to $2.1 billion from $2.5 billion a year ago. Analysts had expected $2.3 billion.
Revenue at its wealth management division, its biggest revenue generator, was $4.7 billion, down from $4.8 billion a year ago and versus expectations for $4.8 billion.
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