UBS pre-tax profits jump 27% to $3.59 billion in the third quarter
Strong inflows in global wealth management and lower costs helped offset Credit Suisse integration expenses, while UBS said its buyback remains on track.
- On Wednesday, UBS Group reported a third-quarter pre-tax profit of almost $3.6 billion, up 27% year-on-year and matching consensus forecasts.
- Strong inflows into global wealth management supported performance, with net new assets reaching $55.1 billion by quarter-end, driven by $18 billion in Asia and $17 billion in the Americas.
- The integration of former rival Credit Suisse remains on track for year-end completion, with cumulative cost savings now expected at around $13.7 billion.
- Accelerating capital returns, UBS repurchased $1.8 billion of shares in the quarter and plans to complete its $3 billion buyback program in February.
- UBS leadership warned the bank may reconsider its future in Switzerland if new capital requirements become too harsh, as the Swiss Upper House recently proposed rules the bank deemed unacceptable.
15 Articles
15 Articles
Credit Suisse's integration process is in the process of being completedOnce again, UBS has published a sharp increase in quarterly results, notably driven by wealth management. Between July and September, the group led by Sergio Ermotti saw its net profit increase by 8% over a year to 2.69 billion dollars (2.23 billion francs).The operating profit (Ebit) for its part increased from 27% to 3.59 billion dollars (2.98 billion francs). Revenues inc…
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BizTocUBS Q3 profit before tax up 27% to $3.59B
UBS said on Wednesday that its third-quarter profit before tax jumped 27% from a year ago to reach $3.59 billion, while net profit rose 8% to $2.69 billion, matching expectations.The bank said it expe...
The largest Swiss bank is in the final stages of CS integration and could even save costs.
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