The Swiss bank UBS posted a net profit of a little over $2.1 billion|Martin Abegglen|CC BY-SA 2.0

Swiss bank UBS on Tuesday posted a not-so-remarkable second-quarter net profit as its investment banking and wealth management arm grappled with dwindling client activity due to market conditions.

The Swiss bank posted a net profit of a little over $2.1 billion, which is below analyst expectations of $2.403 billion.

“The second quarter was one of the most challenging periods for investors in the last 10 years. Inflation continues to be high, the war in Ukraine is ongoing, as are strict Covid policies in parts of Asia,” UBS CEO Ralph Hamers said in a statement.