BASEL: UBS Group AG reported a 14 percent drop in net profit in the second quarter, citing “pronounced low client activity” amid economic and geopolitical uncertainties and other market weakness. The company said net income fell to 1.03 billion Swiss francs ($1.05 billion), from SF1.21 billion a year earlier. The latest figures topped an average of analysts’ estimates expecting net income of SF495 million. UBS said operating income fell slightly in its two largest divisions, wealth management and investment banking, while rising slightly in wealth management Americas. The bank said that market volatility, macroeconomic uncertainty and “heightened geopolitical tensions” made worse by Brexit were unlikely to change in the foreseeable future.
Pakistan’s trade deficit soars by 18.11% to $7.11 billion
ISLAMABAD: Pakistan’s trade deficit has soared by 18.11% during the first two months of the current fiscal year, rising from...
