<p>Swiss banking giant UBS on Tuesday reported a fall in net profits in the third quarter, though still better than expected against a backdrop of falling revenues at the investment bank. Profits at Switzerland's largest bank were down 24 per cent to $1.7 billion from July to the end of September.</p>.<p>The firm also saw its income fall by 10 per cent to $8.2 billion in the same period, in a global economic and political environment that the group's chief executive Ralph Hamers described as "increasingly complex".</p>.<p>"Clients remain concerned about persistently high inflation, elevated energy prices, the war in Ukraine and residual effects of the pandemic," Hamers said in a statement.</p>.<p>He said the energy crisis was also having an impact, including on their retail and small business clients in Switzerland. "The impact of all this has been far-reaching -- affecting asset levels, market volatility, rates and investor sentiment across the globe."</p>.<p>The figures nonetheless exceeded expectations, with analysts predicting a net profit of around $1.4 billion and revenues of $7.9 billion. The bank's revenues have dipped recently due to a fall in its mergers and acquisitions and a drop in income from market activity.</p>.<p>Income from its core wealth management operations also retreated year-on-year. Large US retail banks have seen their profits fall in the last quarter amid a reduction in merger and acquisitions, stock market entries and fundraising.</p>
<p>Swiss banking giant UBS on Tuesday reported a fall in net profits in the third quarter, though still better than expected against a backdrop of falling revenues at the investment bank. Profits at Switzerland's largest bank were down 24 per cent to $1.7 billion from July to the end of September.</p>.<p>The firm also saw its income fall by 10 per cent to $8.2 billion in the same period, in a global economic and political environment that the group's chief executive Ralph Hamers described as "increasingly complex".</p>.<p>"Clients remain concerned about persistently high inflation, elevated energy prices, the war in Ukraine and residual effects of the pandemic," Hamers said in a statement.</p>.<p>He said the energy crisis was also having an impact, including on their retail and small business clients in Switzerland. "The impact of all this has been far-reaching -- affecting asset levels, market volatility, rates and investor sentiment across the globe."</p>.<p>The figures nonetheless exceeded expectations, with analysts predicting a net profit of around $1.4 billion and revenues of $7.9 billion. The bank's revenues have dipped recently due to a fall in its mergers and acquisitions and a drop in income from market activity.</p>.<p>Income from its core wealth management operations also retreated year-on-year. Large US retail banks have seen their profits fall in the last quarter amid a reduction in merger and acquisitions, stock market entries and fundraising.</p>