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UBS announced a net profit of $1.23 billion for the second quarter of 2020, down 11% from the same period last year ($1.4 billion) as the coronavirus pandemic weighed on earnings.

Analysts polled by the bank had expected a net profit of $973 million, while the number was shy of a poll by Reuters which expected $1.29 billion for net profit.

The Swiss lender had reported a net profit attributable to shareholders of $1.6 billion for the previous quarter, as financial market volatility enabled the operating profits of the Swiss investment bank to surge. However, it had warned of an uncertain future in the coming quarters as the pandemic began to spread throughout the world, eventually bringing the global economy to a standstill.

In a statement Tuesday, UBS CEO Sergio Ermotti said: “As we continue to face a challenging environment, we are adapting and accelerating the pace of change, supporting our clients, employees, and the economies in which we operate, while remaining focused on our strategic priorities.”

Ermotti will be replaced at the helm by ING CEO Ralph Hamers on November 1 this year.

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