UBS reports its latest earnings
FABRICE COFFRINI | AFP | Getty Images
UBS on Tuesday reported a net income of $1.7 billion for the third quarter of this year, slightly above analyst expectations, with the Swiss bank citing a challenging environment.
Analysts had expected a net profit of $1.64 billion, according to Refinitiv data. UBS had reported a net income of $2.3 billion a year ago.
The Swiss lender had missed expectations in the last quarter when it posted a net profit of $2.108 billion. The bank said at the time the second quarter had been “one of the most challenging periods for investors in the last 10 years” due to high inflation, the war in Ukraine and strict Covid-19 policies in Asia.
Shares of UBS are down about 8% so far this year.
This is a breaking news story and it is being updated.
