This was far more than analysts had expected and prompted fears UBS, the world's biggest wealth manager, could also face a stiffer penalty. UBS's pre-tax profit for the three months to end-September rose 11% year on year to 877 million Swiss francs (US$883 million), ahead of market forecasts, thanks to a strong business in the Swiss market and cost cuts. In the tough environment, UBS's flagship wealth management saw a sixth straight quarter of falling or stagnating gross margins. Net profit fell to 827 million francs from 2.1 billion francs in the same quarter last year, which had benefited from a net tax benefit of 1.3 billion francs. (US$1 = 0.9932 Swiss francs)

Source: The Edge Markets October 28, 2016 09:08 UTC