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ZURICH, July 26 (Reuters) – Swiss bank UBS (UBSG.S) 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.

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“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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Reporting by Oliver Hirt and Tom Sims; Editing by Michael Shields and Muralikumar Anantharaman

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