FABRICE COFFRINI | AFP | Getty Images
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.