Richard Parks UBS AG has announced a robust net income of $1.4 billion (€1.3 billion) for its third quarter, nearly double the amount forecasted by market analysts. This profit translates to earnings per share of 43 cents.
The bank returned to profitability in early 2024 following its acquisition of rival Credit Suisse, which had led to losses the previous year. For the three months ending September 30, UBS saw revenues rise by 5% to $12.33 billion (€11.4 billion) compared to the same period last year, with the asset management division driving much of this growth. Additionally, investment banking revenues surged by 29% year-on-year. The total value of the group’s invested assets climbed 15% to $6.2 trillion (€5.73 trillion), surpassing Germany’s GDP of $4.71 trillion.
Sergio P. Ermotti, Group CEO, praised the bank’s performance, stating that it occurred “against a market backdrop that, while constructive, still exhibited periods of high volatility and dislocation.” He highlighted the impressive revenue growth and maintained strong client momentum, particularly in the Americas and Asia-Pacific.
UBS is progressing well with the integration of Credit Suisse clients following the completion of the merger in July 2024. The initial wave of client migrations has begun, with accounts from Credit Suisse in Luxembourg and Hong Kong successfully transitioned in October. Migrations for clients in Singapore and Japan are expected by the end of the year, while those in Switzerland will follow in 2025.