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UBS boasts soaring profits ahead of PaineWebber takeover

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Switzerland's largest banking group, UBS, says profits soared by 73 per cent in the third quarter over the previous year to SFr2.075 billion ($1.15 billion).

During the first nine months of the year, UBS recorded a net profit of SFr6.498 billion, which is 39 per cent more than achieved in the whole of last year.

In a statement on Thursday, the bank said that development of assets under management was “encouraging” with improved net new money flows across all business groups.

It said total assets under management rose to SFr1.746 trillion at the end of September from SFr1.711 trillion at the end of June.

UBS announced preliminary “flash” results a month earlier than planned to give added transparency to its shareholders and to those of United States investment banker, PaineWebber, which it is buying for $10.8 billion.

Earlier this week, PaineWebber shareholders overwhelmingly approved the takeover, which is due to be completed next month.

UBS’s detailed third quarter report, including all customary supporting information and analysis, will be published as planned on November 28.

swissinfo with agencies

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR