Pretax profits were down 21% year-over-year at UBS Wealth Management Americas in its latest quarterly earnings, but one-time litigation expenses and growth in other parts of the business suggest that the wirehouse's bottom line may bounce back.

Aggressive recruiting of elite advisers and a drive to boost banking and lending services to clients helped offset weaknesses in UBS' results, particularly a 16% year-over-year decline in transaction-based income. UBS reported that net interest income was up 27%, rising to $351 million for the quarter, and has been rising consistently for two years. Overall, revenue growth was flat year-over-year.

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