UBS quarterly profit worse than thought

The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland February 17 2021. Picture: REUTERS/ARND WIEGMANN

Profit in the three months ended June rose 5% to $2.1bn. That compared with $2bn a year earlier and lagged expectations for a 19.8% rise to $2.4bn in a poll of 19 analysts compiled by the bank. Earnings at the Zurich-based bank were helped by the sale of a real estate joint venture in Japan that yielded a one-off gain of more than $800m.

Advisory revenue was down 30% and capital markets revenue down 71%, which the bank attributed in part to lower business for initial public offerings.

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