ZURICH—UBS posted a smaller-than-expected quarterly profit as turmoil in financial markets hurt its investment banking and wealth management businesses, with analysts predicting the Swiss bank will see harsh conditions in the second half as well.
The Zurich-based bank kicks off a round of earnings by major lenders across Europe, where analysts are watching for signs that a weaker economy, higher interest rates, and the war in Ukraine are weighing on their operations and outlooks.
UBS’ net profit in the three months ended June rose 5 percent to $2.1 billion. That compared with $2.0 billion a year earlier and lagged expectations for a 19.8 percent rise to $2.4 billion, in a poll of 19 analysts compiled by the bank. Shares fell as much as 6 percent….