UBS bank posts $2.5 billion Q3 profit

2.5 billion net profit for UBS in 3rd quarter Keystone-SDA

Swiss bank UBS posted a net profit of $2.5 billion in the third quarter, up 74% year-on-year, thanks to its core business and the dissolution of provisions for legal risks.

+ Get the most important news from Switzerland in your inbox

The bank also made progress with its cost-cutting programme following the takeover of Credit Suisse.

Operating income came to $12.76 billion, up 3% year-on-year. On an underlying basis, the increase was even 5%, to $12.2 billion. Expenses at group level fell by 4% to $9.83 billion. Pre-tax profit jumped 47% year-on-year to $2.83 billion, driven by core business activities.

On average, analysts were expecting a much lower net profit, with the consensus forecast at $1.13 billion. For operating income, $11.66 billion was expected, while pre-tax profit was targeted at $1.69 billion.

The cost/income ratio was 77%.

Tier 1 capital (CET1) stood at 14.8%, while the leverage ratio (CET1) was 4.6%.

During the quarter under review, the bank bought back $1.1 billion of its own shares. Buybacks of $0.9 billion are planned for the final quarter, and the target of $3 billion for the year as a whole is well on track. The dividend is expected to grow by more than 10%.

Translated from French by DeepL/mga

How we work

We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.  

Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.

If you have any questions about how we work, write to us at [e-mail]