GENEVA (AP) — Swiss bank UBS has reported a 14-percent drop in net profit in the second quarter, citing "pronounced low client activity" amid economic and geopolitical uncertainties and other market weakness.
The company said net income fell to 1.03 billion Swiss francs ($1.05 billion), from 1.21 billion francs a year earlier. The latest figures topped an average of analysts' estimates expecting net income of 495 million francs.
UBS said operating income fell slightly in its two largest divisions, wealth management and investment banking, while rising slightly in wealth management Americas.
The bank said market volatility, macroeconomic uncertainty and "heightened geopolitical tensions" made worse by Britain's vote to leave the European Union dampened clients' appetite for risk and lowered transaction volumes.
It said such conditions were unlikely to change in the foreseeable future.