The Swiss bank UBS reported a net income below market expectations, but 14 percent higher than the same period last year.

The number is nonetheless above the bank’s own consensus report, which indicated, earlier this month, a net income of 0.897 billion Swiss francs.

Here are the key metrics:

• Net income: 0.9 billion Swiss francs vs 1.234 billion Swiss francs ($1.245 billion), expected by Thomson Reuters
• Earnings per share: 0.25 Swiss francs vs 0.35 Swiss francs, expected by Thomson Reuters
• Revenue: 7.145 billion Swiss francs vs 7.060 billion, expected by Thomson Reuters

UBS said it saw good results across its business divisions with Asia Pacific as an important driver of growth.

The world’s largest private bank reported a profit before tax that was higher by 39 percent and said that it’s on track to achieve its cost savings target of 2.1 billion Swiss francs by the end of this year.

The bank expects the global economic recovery to strengthen further, but warned that geopolitical tensions and macroeconomic uncertainty still pose risks to client sentiment.

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Source: cnbc
Swiss bank UBS posts 14% rise in net profit, but misses estimates