UBS gave a gloomier picture of its business managing money for the rich than analysts expected for the second quarter, sending the Swiss bank's stock down 6%.

The bank said rising interest rates helped offset a slump in fees in its main wealth management business, lifting its quarterly profit. But the $2.1bn net profit was less than the $2.4bn analysts had estimated, in part because of a weaker result than US rivals in stock and bond trading within UBS's investment bank.