UBS: geopolitical and trade issues bite
(CercleFinance.com) - UBS reported a lower quarterly profit on Tuesday, with the Swiss investment bank citing "a challenging environment.
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The Zurich-based group reported third-quarter net profit of 1.05 billion dollars, down 16% year-on-year.
Pre-tax operating profit at UBS' wealth management division and its personal and corporate banking (P&C) business fell by 2% and 10% respectively.
The bank's common equity Tier 1 (CET1) ratio - a closely watched measure of balance sheet strength - fell to 13.1% from 13.3% at the end of the second quarter.
In its statement, the bank said stimulus measures and easing of monetary policy by central banks may help to mitigate slowing global economic growth over the medium term.
However, geopolitical tensions and trade disputes continue to impact investor confidence, it noted.
Even so, the shares were up over 1.7% on Switzerland's SMI index after these comments.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
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The Zurich-based group reported third-quarter net profit of 1.05 billion dollars, down 16% year-on-year.
Pre-tax operating profit at UBS' wealth management division and its personal and corporate banking (P&C) business fell by 2% and 10% respectively.
The bank's common equity Tier 1 (CET1) ratio - a closely watched measure of balance sheet strength - fell to 13.1% from 13.3% at the end of the second quarter.
In its statement, the bank said stimulus measures and easing of monetary policy by central banks may help to mitigate slowing global economic growth over the medium term.
However, geopolitical tensions and trade disputes continue to impact investor confidence, it noted.
Even so, the shares were up over 1.7% on Switzerland's SMI index after these comments.
Copyright (c) 2019 CercleFinance.com. All rights reserved.