Switzerland’s biggest bank reported on Tuesday its 2019’s  second quarter result revealing a decline in both its wealth management and Investment banking earnings but beating it overall profits forecast earnings, with a USD 1.4 Billion net profit.

Indeed, UBS faced better than expected gains in its advisory business in spite of 2 double-digit fall in earnings in both investment banking and wealth management. While analysts’ expectations for the wealth management pre-tax profits were of USD 960 Million the, swiss bank reported a USD 886 Millions pre-tax profit meaning a 12% difference. The investment bank which has recently faced criticism after two-consecutive bad quarters, reported a 23% decline in pre-tax profit to USD 440 Millions.

 “In the second quarter we achieved the highest second-quarter net profit since 2010 and an improvement on an already strong second-quarter 2018,” Chief Executive Sergio Ermotti said in a statement.” 

The swiss Bank’s two smaller divisions which are the retail bank and the asset management unit have seen a 10% increase in pre-tax income, making UBS’s group net profit attributable to shareholders slightly increase to USD 1.39 Billions, around the level expected.

The bank blamed the 9% decline of revenue from equities trading and the 7% decline on fixed income and currency trading from the investment bank, on “challenging” markets characterized by low volatility and client activity.

After a steep drop in the first quarter, the advisory and capital markets division has seen a 18% increase in revenue, exceeding analyst’s expectations.

Shares in UBS have fallen by a fifth in the past year but rose 1.5% to USD 11.99.