ZURICH: UBS on Tuesday reported a 24% fall in third-quarter net profit on a decline in market activity, although it beat expectations due to a rise in client funds.

UBS results follow a mixed quarter for big US banks, also marked by choppy capital markets and slowing economic growth that hit investment banking.

The Swiss bank reported a net profit attributable to shareholders of $1.73 billion, outpacing the $1.53 billion forecast by 17 analysts in a company-gathered consensus.

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“We remain confident in our ability to deliver attractive and sustainable capital returns to shareholders,” Chief Executive Ralph Hamers said in a statement.