October 22, 2019 / 4:52 AM / a month ago

Swiss bank UBS posts 16% drop in Q3 net profit

ZURICH, Oct 22 (Reuters) - UBS, Switzerland’s biggest bank, on Tuesday posted a $1.049 billion net profit for the third quarter of 2019 as it slims its investment bank and cuts costs seeking to tackle difficult market conditions.

The 16% drop put the bank’s third-quarter earnings ahead of the median estimate in the bank’s own consensus poll for a 22.5% drop to $971 million.

“As we execute on our strategy, we are balancing investments for growth while managing for efficiency,” UBS said in a statement. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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