Swiss bank UBS has posted a 60 percent year-on-year slump in third-quarter net profit, saying macroeconomic, geopolitical and market challenges weighed on performance.
The 827 million Swiss franc ($832 million) net income result also fell far short of analyst consensus expectations of 945 million Swiss francs. Last year's third-quarter result included a one-off net tax benefit of 1.3 billion Swiss francs.
Switzerland's largest lender by assets under management pointed to higher than expected regulatory costs and subdued primary market issuance as two specific factors biting into results. Shares edged higher in the European session on Friday and were up 0.8 percent by 11.00 a.m. London time.