ubs group ag on tuesday said its thirdquarter profit and revenue beat expectations amid a challenging market as higher interest rates partly offset the impact of lower client activity at its key wealthmanagement business the swiss bank reported a quarterly net profit of 173 billion above companycompiled consensus expectations of 153 billion but down from 228 billion in the same period last year revenue tumbled 10 to 824 billion in the three months to the end of september but still beat consensus expectations of 816 billion with rising interest rates the zurichbased company posted a 14 onyear increase in net interest income across its wealthmanagement division and at its personal  corporate banking operations however at its investmentbanking arm revenue slumped 19 dragged by its global banking business where revenue dived to 329 million from 792 million chief executive ralph hamers said the macroeconomic and geopolitical environment had become increasingly complex with clients concerned about persistently high inflation elevated energy prices the war in ukraine and residual effects of the covid19 pandemic the impact of all this has been farreachingaffecting asset levels market volatility rates and investor sentiment across the globe he said despite the challenges ubs said it had 171 billion in net new feegenerating assets at global wealth management and 179 billion in new money at asset management in the quarter however quarterly revenue fell 4 at gwm and 13 at am reflecting negative market performance and foreign currency effects ubs said its common equity tier 1 capital ratio a measure of a banks ability to withstand financial stress was 144 above guidance of 13 ubs said having repurchased 43 billion in the first nine months of the year ubs said it now expects around 55 billion in share buybacks in the full year