UBS posts 14% rise in net profit, but misses estimates

UBS posts 14% rise in net profit, but misses estimates”

UBS' profit rose by 14 percent in the third quarter.

The Swiss bank UBS reported a net income below market expectations, but 14 percent higher than the same period past year.

Reporting its earnings for the three months to September 30, UBS said non-adjusted, pre-tax profits at its investment bank rose by 67% year-on-year to 269m Swiss francs ($269m).

Beyond the headline profits, business in its main divisions looked mixed.

Adjusted pre-tax operating profit at its global Wealth Management division rose 9 percent to 701 million francs in the quarter, usually a slow period due to the summer break.

UBS said it saw good results across its business divisions with Asia Pacific as an important driver of growth.

UBS' investment bank slashed its spending by more than 6 percent, to protect its profits from low client activity and little market volatility - the bane of its existence.

"In our view, UBS reported relatively solid 3Q17 results, but we also see some shadows", Baader Helvea analysts, who rate the stock "buy", wrote in a note, citing the outflows in wealth management in the Americas. The bank's smallest unit, asset management, hiked profits before tax by almost one-quarter to 127 million francs by cutting spending.

The bank's hardest form of capital edged higher to 15.1 percent, from 14.8 percent at the end of June. It said risks to client sentiment included high asset prices and uncertainty about central bank policies.

Even in an improving economic environment, low interest rates in the Eurozone and Switzerland have also held back the prospects for UBS to raise net interest income, although a large U.S. exposure may offset some of that weakness as the Federal Reserve raises rates.

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