Zacks Investment Research | Oct 26, 2016 06:26AM ET
UBS Group AG (NYSE:UBS) is scheduled to report third-quarter 2016 results on Oct 28.
The Swiss banking giant’s second-quarter 2016 net profit attributable to shareholders declined 14% year over year. The results were impacted by lower net interest income and net fee and commission income, partially offset by higher net trading income.
The company witnessed reduced profitability in its Investment Bank and Wealth Management units. However, it recorded improved profitability in the Wealth Management Americas, Personal & Corporate banking and Asset Management wings.
Notably, year to date, UBS has lost more than 25% on the NYSE, reflecting investors’ concern amid a challenging operating environment with low sometimes even negative rate scenario and global economic slowdown. Management had warned that the persistent market volatility and underlying macroeconomic uncertainties, aggravated by the Brexit vote, will result in continued client risk aversion and low transaction volumes.
UBS GROUP AG Price
Among other foreign banks, Deutsche Bank AG (NYSE:DB) , The Royal Bank of Scotland (LON:RBS) Group plc (TO:RBS) and Itau Unibanco Holding S.A. (NYSE:ITUB) are scheduled to report results on Oct 27, Oct 28 and Oct 31, respectively.
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