© Reuters. FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland June 22, 2020. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) – Swiss bank UBS posted on Tuesday a smaller-than-expected 5% rise in net profit for the second quarter as revenues at its investment bank fell 14%.

Profit in the three months ended June was $2.108 billion. That compares with $2.006 billion a year earlier and lagged expectations for a 19.8% rise to $2.403 billion in a poll of 19 analysts compiled by the bank.

UBS kicks off a round of earnings by major banks across Europe, where analysts are watching for signs that a weaker economy, higher interest rates and the war in Ukraine are weighing on their operations and outlooks.

“The second quarter was one of the most challenging periods for investors in the last 10 years,” Chief Executive Ralph Hamers said in a statement. He said the operating environment in the second half of the year “remains uncertain”.

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