Excessive revenue and progress on the integrations of collapsed competitor Credit score Suisse had been the important thing takeaways of the financial institution’s quarterly report.
Swiss financial institution UBS AG has reported a internet earnings of $1.4bn (€1.3bn) for its third quarter, round double that was anticipated by market analysts.
The revenue interprets to earnings per share at 43 cents.
The lender returned to profitability within the first quarter of 2024 after taking up rival Credit score Suisse led to losses final 12 months.
Within the three months to 30 September, revenues elevated by 5% to $12.33bn (€11.4bn) in contrast with final 12 months, with the primary driver being the asset administration division. The funding financial institution revenues had been up 29% in contrast with the identical interval in 2023.
The overall worth of the group’s invested belongings rose by 15% in contrast with final 12 months to $6.2tn (€5.73tn), greater than the GDP of Germany ($4.71tn).
Sergio P. Ermotti, Group CEO praised the efficiency of the financial institution in a press launch, including that it occurred: “In opposition to a market backdrop that, whereas constructive, nonetheless exhibited durations of excessive volatility and dislocation, our companies delivered spectacular income development as we maintained sturdy shopper momentum, notably within the Americas and APAC.”
The financial institution is on observe with integrating the shoppers of Credit score Suisse, following the takeover of the crashed lender.
The merger was accomplished in July 2024 permitting the primary wave of shopper migrations to happen.
Earlier Credit score Suisse shopper accounts in Luxembourg and Hong Kong had been migrated in October. These in Singapore and Japan are to observe by the top of the 12 months and the accounts in Switzerland will observe swimsuit in 2025.