UBS Stock Tumbles Following Earnings Results

UBS stock is slumping in midday trading on Tuesday, after reporting its 2015 third quarter financial results before the market open this morning.
By Rachel Graf ,

NEW YORK (TheStreet) -- UBS (UBS) - Get Report stock is falling by 5.73% to $19.24 in midday trading on Tuesday, following the release of the company's 2015 third quarter earnings results before the market open today.

The Swiss bank posted earnings of CHF 0.54 per share for the most recent quarter, up 170% from CHF 0.20 for the year ago period. 

Net income increased to CHF 2.07 billion ($2.1 billion), up from CHF 762 million for the third quarter of 2014.

Analysts had forecast for income of CHF 1.73 billion, according to Bloomberg. 

UBS now expects adjusted return on tangible equity to reach 15% by 2017, compared to analysts' expectations that it would hit the 15% target by 2016, according to the Wall Street Journal. Banks have been contending with low interest rates, investor apprehension and stricter regulations and capital requirements. 

"I'm pleased with the quarter. We stayed close to our clients in a very challenging environment. Disciplined execution and our diversified business model allowed us to deliver strong returns for our shareholders while continuing to invest in our future," CEO Sergio P. Ermotti said in a statement.

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