© Stocksak. FILE PHOTO. The logo of Swiss bank UBS appears at a branch office located in Zurich (Switzerland), June 22, 2020. REUTERS/Arnd Wiegmann/File Photo
ZURICH (Stocksak), UBS reported Tuesday that the third quarter net profit fell 24% due to a decrease in market activity. However, it beat all expectations due in part to an increase in client funds.
UBS results are the result of a mixed quarter for large U.S. banks. It was also marked by choppy capital market and slowing economic growth, which had a negative impact on investment banking.
The net profit attributable by shareholders of $1.73 Billion was reported by the Swiss bank, which beats the $1.53 Billion forecasted by 17 analysts in a company consensus.
“We remain confident that we can deliver attractive and sustained capital returns to shareholders,” Ralph Hamers, Chief Executive, stated in a statement.