The Zurich-based bank reported a net income of US$2.1bil (RM9.4bil), compared with analyst estimates of US$2.4bil (RM10.7bil). The quarter was impacted by lower revenues at the key wealth management business, outflows in asset management and investment banking results that also trailed expectations.
LONDON: UBS Group AG reported a weaker-than-expected profit in the second quarter (2Q), as the global market sell-off kept wealthy clients on the sidelines and institutional investors pulled funds.
The Zurich-based bank reported a net income of US$2.1bil (RM9.4bil), compared with analyst estimates of US$2.4bil (RM10.7bil). The quarter was impacted by lower revenues at the key wealth management business, outflows in asset management and investment banking results that also trailed expectations.
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