(by Peter Van Bruggen)

The largest bank for Europe UBS reported third-quarter earnings lower 1% as compared with the same period of 2003.

The Swiss bank third-quarter net profit fell to SFr1.67 billion ($1.39 billion) against SFr1.68 billion of the same period of 2003. Pretax profit dropped to SFr714 million from SFr884 million a year earlier.

“Being a major player in the world’s securities markets means that our Investment Bank’s revenues will reflect prevailing market opportunities. All the more important, then, that we balance that volatility with strong fee commission revenues - which represent more than half of our operating income,” said bank’s chief financial officer Clive Standish.

Zurich-based bank’s management business rose to SFr20.5 billion in net new money in the third quarter against with SFr16.9 billion in the previous three months.