Source: Sharecast
Total revenues in the three months to September end were $13.35bn, up from $12.76bn, while net profits were $2.69bn. That was up on the $2.48bn seen a year previously but narrowly below expectations, for $2.71bn. UBS said it had seen "robust" client momentum across all its businesses during the period, including net new assets of $55.1bn in global wealth management, its largest division by some distance, with particularly strong inflows in the Americas and Asia Pacific.
It also confirmed it remained on track to complete the integration of Credit Suisse - which UBS rescued in a mammoth, government-orchestrated takeover three years ago - by the end of 2026.
Sergio Ermotti, chief executive, said: "In an increasingly complex market environment, our strong third-quarter performance once again demonstrated the benefits of our diversified global business model and disciplined execution."
Looking to the rest of the year, UBS acknowledged that investment sentiment remained "measured amid macroeconomic volatility, ongoing geopolitical tensions and political uncertainty, with consequential elections, including in the US.
"In the fourth quarter we expect a more typical sequential moderation in transaction volumes across our businesses."
But the bank - Switzerland’s biggest - also reiterated that it remained on track to close the year with a CET1 capital ratio "at or very close" to its target of 14%.
As at 1445 GMT, the Zurich-listed stock was down 1%.