Economics
UBS Reports 39% Drop in Quarterly Profit After Trading Loss
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UBS AG, Switzerland’s biggest bank, posted a smaller decline in third-quarter profit than analysts expected after an accounting gain cushioned a $2.3 billion loss from unauthorized trading.
Net income fell 39 percent to 1.02 billion Swiss francs ($1.16 billion), the Zurich-based bank said today, beating analysts’ mean estimate of 318 million francs. UBS booked an accounting gain of 1.77 billion francs, exceeding the bank’s forecast earlier this month, as its credit spreads widened.