Stocksak: UBS’ third quarter profit drops but beats expectations

© 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.

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