UBS and BNP Report Profits Despite Low Interest Rates

UBS Group AG, the world’s biggest manager of money for the wealthy, said pretax profit rose 11 percent in the third quarter as costs declined, offsetting a drop in wealth management and investment banking. Pretax profit rose to 877 million Swiss francs ($883 million) from 788 million francs a year earlier, the Zurich-based bank said in a statement Friday. That compares with the 862 million-franc average of six analyst estimates compiled by Bloomberg. Also, BNP Paribas SA, France’s largest lender, reported third-quarter profit that beat analysts’ estimates as it benefited from a surge in fixed-income trading that has lifted bank earnings in Europe and the U.S. Atlantic Equities Analyst Christopher Wheeler discusses with Nejra Cehic and Manus Cranny on "Bloomberg Daybreak: Europe."

Full Show: Surveillance (09/15)
06:19 - Bloomberg Surveillance hosted by Tom Keene and Francine Lacqua. Guests include Norman Lamont, former U.K .Chancellor of the Exchequer, Huw Van Steenis, global head of strategy at Schroders PLC, and John Nilsson-Wright, senior research fellow at Chatham House. (Source: Bloomberg)
  • Bank of Russia Cuts Key Interest Rate to 8.5%
  • Full Show: Bloomberg Daybreak: Americas (09/14)
  • New Zealand's Makhlouf on Election, RBNZ, Interest Rates