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23 October, 2019 00:00 00 AM

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UBS Q3 profits tumble on trade disputes, low rates

AFP, Zurich

Top Swiss bank UBS posted a 16 per cent fall in third quarter net profits yesterday 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 per cent 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 per cent to $203 million, not helped by falling advice fee volumes from mergers and acquisitions.

 

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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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