UBS Reports $2.3bn in Q3 Profits, Beats Expectations

UBS Group reported a 9% YoY jump in its Q3 net profits at $2.3bn vs. expectations of a $1.6bn. The Swiss-based bank’s wealth management division provided a significant boost again with its profit before taxes (PBT) growing 43% to $1.5bn. During Q2, the division saw a 47% increase in quarterly PBT to $1.3bn. Besides, investment banking profits rose 32% to $837mn and its asset management unit’s profits jumped 71% to $214mn. CEO Ralph Hamers said, “We continue to perform well above the financial targets that we have given you. And while we do that, we continue to be focused on driving growth on the top and the bottom line”. Its CET1 ratio stood at 14.9%, up 40bp QoQ. 

UBS’ USD 7% Perp was stable at 108.95, yielding 2.87%.

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