UBS has beaten analyst expectations in the third quarter as its wealth management division continued to outperform.
The Swiss bank on Tuesday reported net profit attributable to shareholders of $2.3 billion for the period, up from $2 billion in the second quarter. Analysts had expected the figure to come in at $1.57 billion, according to estimates collected by Refinitiv.
It marks a 9% increase in net profit from the same period a year before.
“The market and economic backdrop were broadly positive in the third quarter; although there has been some uncertainty recently,” CEO Ralph Hamers said in a statement.
The bank’s wealth management division provided a significant boost to its results once again, with invested assets rising to $3.2 trillion. Its profit before tax increased 43% to $1.5 billion.
Here are other highlights for the third quarter:
CET 1 ratio, a measure of bank solvency, reached 14.9% versus 14.5% in the previous three months.
Operating income came in at $9.1 billion versus $9 billion in the previous quarter.
Return on equity, a measure of financial performance, stood at 15.3% from 13.7% in the second quarter.
Shares in the bank are around higher by about 24% year-to-date.
This is a breaking news story and it is being updated.
