UBS Group Q3 Profit Down On Weak Revenues

Swiss banking giant UBS Group AG (UBS) reported Tuesday that its third-quarter net profit attributable to shareholders fell 24 percent to $1.73 billion from last year's $2.28 billion. Earnings per share were $0.52, compared to $0.63 a year ago.

Profit before tax declined 19 percent from last year to $2.32 billion. Operating expenses decreased 6 percent.

Total revenues were down 10 percent to $8.24 billion from last year's $9.12 billion.

Net interest income fell 6 percent to $1.60 billion.

Further, the company said it expects to repurchase around $5.5 billion of shares during 2022.

Looking ahead, the company said it remains disciplined on risk management and cost efficiency as it heads into the fourth quarter.

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