UBS falls after warning profit may be hurt by franc, interest rates

Zurich

UBS Group AG fell after reporting lower-than-expected earnings at its wealth management division and warning that the strong franc and negative interest rates may hurt profitability.

UBS fell as much as 3.4 per cent in morning trading in Zurich, bringing the total decline so far this year to about 8.8 per cent. The bank doubled its dividend, as analysts had forecast, and reported a higher-than-estimated fourth-quarter net income after a tax gain.