High profit and progress on the integrations of collapsed competitor Credit Suisse were the key takeaways of the bank’s quarterly report.
Swiss bank UBS AG has reported a net income of $1.4bn (€1.3bn) for its third quarter, around double that was expected by market analysts.
The profit translates to earnings per share at 43 cents.
The lender returned to profitability in the first quarter of 2024 after taking over rival Credit Suisse led to losses last year.
In the three months to 30 September, revenues increased by 5% to $12.33bn (€11.4bn) compared with last year, with the main driver being the asset management division. The investment bank revenues were up 29% compared with the same period in 2023.
The total value of the group’s invested assets rose by 15% compared with last year to $6.2tn (€5.73tn), more than the GDP of Germany ($4.71tn).
Sergio P. Ermotti, Group CEO praised the performance of the bank in a press release, adding that it happened: “Against a market backdrop that, while constructive, still exhibited periods of high volatility and dislocation, our businesses delivered impressive revenue growth as we maintained strong client momentum, particularly in the Americas and APAC.”
The bank is on track with integrating the clients of Credit Suisse, following the takeover of the crashed lender.
The merger was completed in July 2024 allowing the first wave of client migrations to take place.
Previous Credit Suisse client accounts in Luxembourg and Hong Kong were migrated in October. Those in Singapore and Japan are to follow by the end of the year and the accounts in Switzerland will follow suit in 2025.
